We do it better

ABOUT ARM

About ARM

African Rainbow Minerals (ARM) is a leading South African diversified mining and minerals company with long-life, low unit cost operations.

ARM mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals, copper, nickel and coal. ARM also produces manganese and chrome alloys and has an investment in gold through its shareholding in Harmony.

1 ARM’s effective interest in Modikwa Mine is 41.5%,

local communities hold 8.5% of Modikwa Mine.

2 ARM’s shareholding in Two Rivers will reduce to 51%

once the transfer of Kalkfontein portions 4, 5 and 6

and Tweefontein prospecting rights has been effected.

Coal

PGMs

100% 100% 10% 51% 100% 100% 14.6%

Gold:Harmony

Manganese Ore

Base Metals

Iron Ore

PGMs

41.5% Modikwa1

55% Two Rivers2

Iron Ore

50% Khumani

50% Beeshoek

PGM Exploration

46% Kalplats

Manganese Alloys

50% Cato Ridge25% Cato Ridge Alloys50% Machadodorp27% Sakura

Chrome Ore

50% Dwarsrivier

Charge Chrome

50% Machadodorp

Coal

20% Participating Coal Business

Copper

40% Lubambe and Lubambe Extension Area

Coal

51% Goedgevonden

Manganese Ore

50% Nchwaning 50% Gloria

Copper Exploration

50% Lusaka and Kabwe

Nickel, PGMs & Chrome

50% Nkomati

Strategic Servicesand Exploration

Where we operate

Lubambe Extension Area

Lubambe Copper Mine

Zambia

Western

Southern

Central

Copperbelt

Lusaka

Northwestern

Eastern

MuchingaLuapula

Northern

Malaysia

South Africa

Zambia

South Africa

Western Cape

Eastern Cape

Northern Cape

North West

Free State

Lesotho

KwaZulu-Natal

Limpopo

Malaysia

Kuching

Sarikei

Sibu

Bintulu

Miri

BruneiSouth China Sea

SakuraFerroalloys Project

Sabah

Sarawak

“ARM achieved record headline earnings in F2014 and declared an increased dividend of 600 cents per share. Excellent performances from Nkomati and Two Rivers mines as nickel and PGM’s contribution to headline earnings increased significantly.”Patrice Motsepe, ARM Executive Chairman

Salient features

200

450475

510

600

(cents)

Dividends per share

0

100

200

300

400

500

600

700

F2014F2013F2012F2011F2010

807

1 585 1 6151 735

1 900

(cents)

0

500

1 000

1 500

2 000

2 500

F2014F2013F2012F2011F2010

Headline earnings per share

Headline earnings per share increased from 1 735 cents per share to 1 900 cents per share.

Increased dividend declared of 600 cents per share.

Costs were well controlled at the Nkomati, Dwarsrivier and Two Rivers mines.

Lubambe Copper Mine produced 23 791 tonnes copper as it continued its ramp-up.

Sakura Ferroalloys Project began construction; R790 million has been spent to date.

The Lost Time Injury Frequency Rate (LTIFR) was reduced from 0.48 (per 200 000 man-hours) to 0.37 in F2014.

Khumani, Black Rock and Dwarsrivier mines each completed more than two million fatality-free shifts.

Continued improvement in the implementation of HIV & Aids and Tuberculosis (TB) management programmes.

Overall employment equity performance is ahead of 2014 Mining Charter targets.

Total Corporate Social Responsibility (CSR) expenditure increased to R283 million.

58

100126

169

283

(R million)

Total CSR expenditure

0

50

100

150

200

250

300

350

F2014F2013F2012F2011F2010

(per 200 000 man-hours)

Lost Time Injury Frequency Rate (LTIFR)

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

F2014F2013F2012F2011F2010

0.77

0.43 0.40

0.48

0.37

ARM strategy

Owner operator Profit focusedEntrepreneurial management

Partner of choicePartnering with

communities, workers and other stakeholders

World-class management team

Employer of choice

Quality growth continues in

ARM’s portfolio of commodities

Africa

Operational efficiencies

Acquisitions and partnerships

All operations to be

below the 50 th percentile

Ramping up volumes

and initia

ting new

growth projects

Continuing to

assess

acquisitions and jo

int

venture opportunitie

s ARM Exploration

Project pipeline and operations

ARM’s objective is that all operations should be below the 50th percentile

Percentile on cost curve (based on cumulative production)

25% 50% 75% 100%

Commodityunit cash

cost

Dwarsrivier Chrome Ore

Two Rivers Platinum

Goedgevonden Coal

Khumani Iron Ore

Manganese Ore

Modikwa Platinum

Lubambe Copper (2016)

Nkomati Nickel

Manganese smelters

Beeshoek Iron Ore

Contact details

African Rainbow Minerals LimitedRegistration number: 1933/004580/06Incorporated in the Republic of South AfricaJSE share code: ARIADR ticker symbol: AFRBYISIN: ZAE000054045

Registered and Corporate OfficeARM House29 Impala RoadChislehurstonSandton2196

PO Box 786136, Sandton, 2146

Telephone: +27 11 779 1300Fax: +27 11 779 1312E-mail: ir.admin@arm.co.zaWebsite: http://www.arm.co.za

Company SecretaryAlyson D’Oyley, BCom, LLB, LLMTelephone: +27 11 779 1300Fax: +27 11 779 1318E-mail: alyson.doyley@arm.co.za

Business DevelopmentStompie ShielsExecutive: Business DevelopmentTelephone: +27 11 779 1476Fax: +27 11 779 1312E-mail: stompie.shiels@arm.co.za

Investor RelationsJongisa MagagulaCorporate Development and Head of Investor RelationsTelephone: +27 11 779 1507Fax: +27 11 779 1312E-mail: jongisa.magagula@arm.co.za

Betty MolloManager: Investor Relations and Corporate DevelopmentTelephone: +27 11 779 1478Fax: +27 11 779 1312E-mail: betty.mollo@arm.co.za

AuditorsExternal Auditors: Ernst & Young Inc.Internal Auditors: KPMG

BankersABSA Bank LimitedFirstRand Bank LimitedThe Standard Bank of South Africa LimitedNedbank Limited

SponsorsDeutsche Securities (SA) Proprietary Limited

Transfer SecretariesComputershare Investor Services Proprietary LimitedGround Floor, 70 Marshall StreetJohannesburg 2001PO Box 61051, Marshalltown, 2107Telephone: +27 11 370 5000Fax: +27 11 688 5222E-mail: web.queries@computershare.co.zaWebsite: http//www.computershare.co.za

DirectorsP T Motsepe (Executive Chairman)M P Schmidt (Chief Executive Officer)F Abbott*M ArnoldDr M M M Bakane-Tuoane*T A Boardman*

A D Botha*J A Chissano (Mozambican)*W M Gule**A K Maditsi*D V Simelane

Dr R V Simelane*Z B Swanepoel*A J Wilkens

* Independent Non-executive** Non-executive

Forward looking statementsCertain statements in this report constitute forward-looking statements that are neither reported financial results nor other historical information. They include but are not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. Such forward-looking statements may or may not take into account and may or may not be affected by known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of commodities; hazards associated with underground and surface mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the HIV & Aids crisis in South Africa. These forward-looking statements speak only as of the date of publication of these pages. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication of these pages or to reflect the occurrence of unanticipated events.