OPERATING AND FINANCIAL RESULTS...• Eskom worked tirelessly through the day and night and restored power at approximately 02:30 on Friday 2 February 2018 • All 955 employees were

OPERATING AND

FINANCIAL RESULTSfor the six months and financial year

ended 31 December 2017

22 February 2018

www.sibanyestillwater.com

2

Disclaimer

NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This presentation is for informational purposes only and does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in theUnited States or any other jurisdiction nor a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The shares to be issued in connection with the offer for Lonmin plc (“Lonmin” and the “New Sibanye Shares”, respectively) have not been and will not be registeredunder the US Securities Act of 1933 (the “Securities Act”) and, accordingly, may not be offered or sold or otherwise transferred in or into the United States exceptpursuant to an exemption from the registration requirements of the Securities Act. The New Sibanye Shares are expected to be issued in reliance upon theexemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereof.

This presentation is not a prospectus for purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented inany relevant Member State) (the “Prospectus Directive”). In any EEA Member State that has implemented the Prospectus Directive, this presentation is onlyaddressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This presentation is not directed to, orintended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where suchdistribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

No statement in this presentation should be construed as a profit forecast.

Forward looking statements

This presentation contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation ReformAct of 1995. These forward-looking statements, including, among others, those relating to Sibanye Gold Limited trading as Sibanye-Stillwater (“Sibanye-Stillwater”)’sfinancial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of thesenior management and directors of Sibanye-Stillwater and Lonmin. All statements other than statements of historical facts included in this Presentation may beforward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect” and words of similarmeaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should beconsidered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.The important factors that could cause Sibanye-Stillwater’s and Lonmin’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, economic, business, political and social conditions in the United Kingdom, South Africa, Zimbabwe and elsewhere;changes in assumptions underlying Sibanye-Stillwater’s and Lonmin’s estimation of their current mineral reserves and resources; the ability to achieve anticipatedefficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; the success of Sibanye-Stillwater’s andLonmin’s business strategy, exploration and development activities; the ability of Sibanye-Stillwater and Lonmin to comply with requirements that they operate in asustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMsand uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevantgovernment regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and businessownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation orregulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases inthe price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence oftemporary stoppages of mines for safety incidents and unplanned maintenance; their ability to hire and retain senior management or sufficient technically skilledemployees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans’ in management positions; failure of informationtechnology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlementsin the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and other contagious diseases. These forward-looking statements speakonly as of the date of this Presentation. Sibanye-Stillwater and Lonmin expressly disclaim any obligation or undertaking to update or revise any forward-lookingstatement (except to the extent legally required).


1. Safety

2. Strategic review

3. Operating review

4. Financial performance

5. Path to appropriate value recognition

6. Conclusion

3

Agenda

Safety

4


VISION:

SUPERIOR VALUE CREATION

FOR ALL OUR STAKEHOLDERS

Th rough min ing ou r mu l t i -commodi ty re sou rces

in a sa fe and hea l thy env i ronment

Sibanye-Stillwater cares 5

Our vision and purpose dictates our actions

PURPOSE: Our mining improves lives

Underpinned by our C.A.R.E.S. VALUES

Commitment Accountability Respect Enabling Safety


6

2017 Safety performance – SA region

3.503.88

4.684.16

3.59

0.00

2.00

4.00

6.00

8.00

2013 2014 2015 2016 2017

Serious Injury Frequency Rate*

0.100.12

0.06

0.10

0.07

0.00

0.05

0.10

0.15

0.20

2013 2014 2015 2016 2017

Fatality Injury Frequency Rate*

Note: Rates are measured per million hours

• All safety metrics significantly

improved across the SA region

compared with 2016

• Prior to recent safety incidents in

the gold division, the SA gold

operations had achieved 154

fatality free days

• In Q4 2017, the SA region

achieved its best quarterly safety

performance in the last three

years

Better than our peers in both the SA gold and platinum sectors in terms of FIFR


World-class safety record at the US PGM operations 7

Safety performance of US operations

16.8 16.5

15.1

12.9 12.7

10

15

20

2013 2014 2015 2016 2017

Total Recordable Injury Frequency Rate*

4.8

6.2

2.6 2.82.0

-

2

4

6

8

2013 2014 2015 2016 2017

Serious Injury Frequency Rate*

Sibanye-Stillwater acquired the US operations in May 2017 while previous years are only included for comparative purposes as it represents safety statistics under Stillwater Mining Company

Note: Rates are measured per million hours


• A tornado level storm at 02:00 on Thursday 1 February 2018, destroyed both the

main and secondary (backup) Eskom power lines feeding Beatrix shafts

– Caused total power outages at Beatrix 1,3 and 4 shafts

– Damage to critical technical equipment due to the massive power surge

• Eskom was quick to supply backup power to Beatrix 4 shaft and the 272

employees were safely hoisted to surface shortly after the incident

• Emergency generators were used to hoist the 64 people underground at

Beatrix 1 shaft to surface safely

• The Beatrix 3 shaft generator and critical software in the winder were damaged

by the power surge. All 955 employees were hoisted safely to surface when

Eskom power was restored

Compliant in all respects 8

The Beatrix power failure in perspective


Alternative escape way at Beatrix 1 shaft available and able to hoist 9

Schematic of Beatrix 3 and second escape


• No one was trapped and at no point were any employees in danger:

– the secondary extraction route (via 1 shaft) was available

throughout

– in the interests of safety, management decided to keep

employees on the shaft stations at 3 shaft where:

• It was well ventilated

• communications had been re-established

• potable water and food was available

• Electrical generators are in place at all our operations

– Kloof and Harmony provided assistance

• Eskom worked tirelessly through the day and night and restored

power at approximately 02:30 on Friday 2 February 2018

• All 955 employees were safely brought to surface without any serious

injuries

A good example of effective and deliberate crisis management 10

The Beatrix power failure in perspective


• The safety, health and wellbeing of our employees is paramount

• To continue the journey to zero harm new thinking is required to break

through the safety plateau

• Industry investigations reveal that in recent years most fatalities are the result

of non compliance to procedures and standards for which employees are

trained

• Safety Reps and employees are not using their right to withdraw from unsafe

conditions or practices suggesting that an intervention around attitudes and

behaviours is urgently required

• Our employees are mostly unionised suggesting that unions have a significant

role to play in improving safety instead of standing on the sidelines criticizing

• The DMR has a critical role in supporting safety improvement instead of issuing

counter-productive, disproportionate or unwarranted instructions

• Zero harm can be achieved but this will require joint problem solving and

sharing responsibility to implement effective solutions

• Unless all stakeholders make a difference to safety performance the

sustainability of RSA labour intensive mining industry is questionable

A call to action for a common purpose towards zero harm 11

Health & safety stakeholder compact required

Strategic review

12


Delivering growth and value while diversifying risk at the bottom of the cycle 13

We have transformed significantly

2013¹ Market

cap: R10 billionPerceived high

cost, short life SA gold company

Value accretive and high quality PGM acquisitions

A major, global precious metal

company

• Reduced costs

• Improved flexibility and quality of mining

• Substantial increase in reserves enhanced by synergistic acquisitions

• Significantly extended operating life

• Reduced debt/gearing

• Delivered consistent, industry leading returns

• Significant PGM acquisitions at the bottom of the PGM price cycle

• Innovatively financed strategic growth enhancing value

• Implementation of operating model and realisation of consolidation synergies yielding superior value ahead of schedule

• Stillwater transaction transformative, creating a globally competitive and unique SA mining company

• Unique commodity mix and global geographic presence

• Proposed Lonmin Transaction concludes 4th step in PGM strategy

• Will secure entire beneficiation chain in SA as well as providing significant optionality to PGM prices

• Well positioned for further success

2018² Market

cap: ~R30 billion

¹ 11 February 2013, Source: IRESS² 21 February 2018, Source: IRESS


• Concluded acquisition of Stillwater in May 2017

• Successfully refinanced US$2.65 billion bridge loan

– Oversubscribed US$1 billion rights issue

– Competitively priced US$1.05 billion Eurobond (two tranches)

– US$450 million flexible, low cost convertible instrument

• Proposed sale of certain WRTRP assets to DRDGold

– Realises immediate value and ensures continued exposure to the WRTRP

• Proposed acquisition of Lonmin

– Downstream processing business with a replacement value significantly higher than

acquisition cost

– Significant synergies between Sibanye-Stillwater and Lonmin’s contiguous PGM assets

– Sizeable PGM Resources with potential upside from advanced brownfield projects

and greenfield project pipeline

Significant, value accretive transactions at an attractive point in the commodity price cycle 14

2017 – a transformative year


15

A value accretive PGM strategy

Aquarius

Rustenburg

Stillwater

Lonmin

• First entry into the SA PGM sector – April 2016

• Lean, well run company

• Operational performance has increased further to record levels

since acquisition

• Effective from November 2016

• Smart transaction structure aligned with expectations of platinum

market outlook

• Significant synergies with Aquarius and the gold central services

• Realised synergies of ~R1bn pa in 14 months, well ahead of

previous target of R800m over a 3-4 year period

• Tier one US PGM producer acquired in May 2017

• High grade, low cost assets with Blitz, a world class growth

project

• Provides geographic, commodity and currency diversification

• 78% palladium content provides upside to robust

palladium market

• Attractive acquisition price at low point in platinum price cycle

• Combination with Sibanye-Stillwater SA PGM assets results in

significant potential synergies

• Aligns with Sibanye-Stillwater’s mine-to-market strategy in SA and

adds commercially attractive smelting and refining

• Sizeable resources provide long-term optionality

A unique, leading precious metals mining company offering scale and sustainability


Large, low cost South African PGM acquisitions

16

Lonmin: Afriore

Mvela: Booysendal &

Northam

Nkwe: Garatau/Tubatse

Anooraq: Bokoni

Jubilee: Tjate Project

Platmin: Sedibelo West

Anglo: AnooraqZambezi: Northam

Hebei: Eastplats

Sibanye-Stillwater:

Aquarius

Sibanye-Stillwater:

Rustenburg

Lonmin: Pandora

Northam: Tumela

Northam: Eland

RBPlats: Maseve

Implats: Waterberg

Sibanye-Stillwater:

Lonmin

0

5

10

15

20

0 100 200 300 400 500 600 700

De

al va

lue

(U

S$/R

eso

urc

e o

z)

Deal value (US$m)

Historic SA PGM transactions

A sizeable resource base at a compelling price

Source: Various companies’ disclosures

Note: Bubble size represents PGM Resources


-20

0

20

40

60

80

100

Re

lative

pri

ce

pe

rfo

rma

nc

e (

%)

Gold $/oz Palladium $/oz Platinum $/oz

Stillwater Transaction

ConcludedDiscussions with Stillwater begin

Stillwater Transaction

announced

Fundamental outlook for palladium remains robust 17

Well-timed acquisition at low’s in the price cycle

Source: Inet BFA


A value accretive and well timed acquisition 18

Stillwater CPR – confirms value

200 000

300 000

400 000

500 000

600 000

700 000

800 000

900 000

300

400

500

600

700

800

900

1 000

1 100

2018 2019 2020 2021 2022 2023 2024 2025 2026

2Eo

z

US$

/2Eo

z

US PGM Operations production and cost profile

2E production (oz) AISC AIC Spot prices for 2E basket

50%

Spot 2E basket price ~ US$1,000/2Eoz

Source: Stillwater CPR 2017

Note: Production and costs are in line with the published CPR for the Stillwater operations (available on https://www.sibanyestillwater.com/investors/documents-circulars)

The Stillwater operations have a PGM 2E prill split of 3.4 palladium: 1 platinum ounce

12%

30%

• CPR released in November 2017

– NPV of US$2.7 billion vs acquisition price of US$2.2 billion confirmed, at assumed

palladium price of US$704/oz and platinum price of US$1,047/oz

– AISC and AIC converge to approximately US$530/2Eoz from 2021 as capital at

Blitz declines and production builds up


• 2E PGM Mineral Reserves of 21.9Moz and Mineral Resources of 80.5Moz1

• Lower East Boulder and lower Blitz projects offer additional production growth

potential

• 12.2 kilometres of undeveloped mineralised section between Stillwater and

East Boulder mines

Quality reserves with further upside 19

Stillwater offers significant growth potential

Stillwater Mine

90

89

212310

191

89

Livingston

Big Timber

McLeod

NYE

Fishtail

Red Lodge

Absarokee

Columbus Laurel

Billings

Sweet Grass

Park

Carbon

Big Horn

298

420

419

78

72

Yellowstone

East Boulder

Mine

87

Metallurgical Complex,

Recycling Facilities

Stillwater Mine

Source: Stillwater Mining1. At 31 December 2017

12.2km


• Sibanye-Stillwater has made an all

equity offer to acquire 100% of Lonmin

• Value accretive to Sibanye-Stillwater

shareholders

• Neutral to Sibanye-Stillwater debt

profile – will not add debt to the

balance sheet

• R1.5 billion in annualised pre-tax cost

and operational synergies* expected

by 2021

• Should Sibanye-Stillwater shareholders

not approve the transaction,

agreement in principle to discuss asset

acquisition

A logical value accretive transaction

The proposed Lonmin acquisition

20

1. Northam

2. Anglo America

Platinum

3. Siyanda Resources

4. Sedibelo Platinum

5. Wesizwe Platinum

6. Royal Bafokeng

Platinum

7. Impala Platinum

8. Eastern Platinum

9. Glencore Xstrata

Sibanye-Stillwater

Lonmin

12

3

2

4

6

Western Bushveld

Joint Venture

Pandora Joint

Venture

7

7

66

5

9

18

*For further information in relation to the expected synergies, please refer to page 17 and pages 58 to 60 of the offer announcement dated 14 December 2017, available on

https://www.sibanyestillwater.com/investors/transactions/lonmin/documents.

Sable project


• The political environment in South Africa has recently undergone significant

change and we anticipate this will be complemented by tangible actions

• While the strong rand creates short term headwinds we have confidence in

the longer term benefits

• Starting to see an improvement in relations in contrast to the fractious

environment of recent years

• A policy and regulatory environment conducive to business competitiveness

will promote investment and growth in the South African mining industry which

remains a critical part of the national economy and a significant employer

• Sibanye-Stillwater is committed to support inclusive growth in South Africa

through mining

• Our recent South African investments provide significant exposure to South

Africa and our company and its stakeholders stand to benefit significantly from

this improving environment

A vastly more favourable outlook for investment 21

South African “green shoots”

Operating review

22


• Smooth integration of Stillwater

– Solid operational performance sustained

– Blitz project commissioned 3 months ahead of schedule

– Record recycling rates achieved

• Integration of Rustenburg exceeding expectations

– Over R1 billion annual synergies realised over 14 months

– Operational results continue to improve – profitability

restored

– Sustainable move into lower half of industry cost curve

• Gold operations restructured for sustainability

– Cooke closed, Beatrix West on watch list

– Expected R15,000/kg (U$S36/oz) (in 2017 terms) reduction in

total SA gold operation’s AISC in 2018

Transformational acquisitions balancing and de-risking the business 23

2017 – a transformative year operationally

*Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) is based on the formula included in the facility agreements for compliance with the debt covenant

formula. Full detail is contained in Sibanye-Stillwater’s 2016 Annual Financial Report

SA Gold; 51%

SA PGM; 19%

US PGM; 30%

Adjusted Ebitda* contribution (H2 2017)

SA Gold SA PGM US PGM

SA Gold; 44%

SA PGM; 38%

US PGM; 18%

Production contribution (H2 2017)

SA Gold SA PGM US PGM


Clear cost benefits realised at Kroondal and Rustenburg operations from integration with Sibanye-Stillwater

Moving down the PGM AIC curves ‘16 – ‘17

24

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

Co

st R

/Oz

Two

riv

ers

Mo

toto

lo

Ea

st B

ou

lde

r

Stillw

ate

r

Zim

pla

ts

Kro

on

da

l

Un

ion

Ma

rula

Mo

dik

wa

Am

an

de

lbu

lt

Mo

ga

lakw

en

a

Lon

min

Mim

osa

Bo

oyse

nd

al

Ru

ste

nb

urg

Imp

ala

Bo

sch

ko

pp

ie

Un

ki

Zo

nd

ere

ind

e

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

Co

st R

/Oz

Two

riv

ers

Ea

st B

ou

lde

rStillw

ate

r

Mo

toto

lo

Kro

on

da

l

Zim

pla

ts

Ru

ste

nb

urg

Mo

ga

lakw

en

a

Mo

dik

wa

Mim

osa

Un

ion

Lon

min

Am

an

de

lbu

lt

Un

ki

Bo

oyse

nd

al

Imp

ala

Bo

sch

ko

pp

ie

Zo

nd

ere

ind

e

Ma

rula

Avg. basket price R12,128/ounce (6E)Avg. all-in costs = R12,589/ounce (6E)

Avg. basket price R12,699/ounce (6E)Avg. all-in costs = R12,277/ounce (6E)

Source: Citi Research, Company reports,

Note:

1. Includes cash costs, all capex exploration, corporate costs, cash taxes and other operating costs

2. Excluding base metal credits

3. Mines acquired by Sibanye-Stillwater in the Aquarius acquisition include Kroondal and Mimosa

Jun-16 all-in costs1 chart, by mine (R/6E ounce)2

Jun-17 all-in costs1 chart, by mine (R/6E ounce)2

Sibanye-Stillwater mines3 Other PGM mines


500

600

700

800

900

1000

1100

1200

10 000

12 000

14 000

16 000

18 000

20 000

22 000

24 000

US$/o

z

R/o

z

Gold R/oz (LHS) PGM Basket R/4Eoz (LHS) PGM Basket US$/2Eoz (RHS)

AU R/oz YTD ave = 1% lower than H1 2017

Ave H1 2017:

R12,063/4Eoz

Ave H1 2017:

R16,331/oz Ave 2018 YTD:

R13,058/4Eoz

Ave 2018 YTD:

R16,119/ozAve H2 2017:

R17,087/oz

Ave H2 2017:

R13,074/4Eoz

US$/2Eoz PGM basket YTD ave = 26% higher than H1 2017

R/4Eoz PGM basket YTD ave = 8% higher than H1 2017

Ave H1 2017:

US$830/2Eoz

Ave 2018 YTD:

US$1,048/2Eoz

Ave H2 2017:

US$946/2Eoz

Dollar metal prices gains partially offset by rand strength – Stillwater basket price benefiting 25

Clear benefits from recent diversification

Source: Inet BFA

*2E and 4E basket prices are based on Sibanye-Stillwater SA PGM and US PGM prill split


US region highlights1

• Integration of US region proceeding smoothly

• Strong operational and financial performance sustained since acquisition

– Mined production of 376,356 2Eoz at AISC of US$651/2Eoz as guided

– Blitz project commissioned 3 months ahead of schedule

– Record recycling volumes

• Achieved record throughput of approx. 517,148oz/ average of 64,644 oz per month fed

• EBITDA contribution of US$15 million

US region operations continue to perform well 26

43 300

51 400

56 600 58 300 56 400

64 644

30 000

55 000

80 000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 8 months ended

31 Dec 2017

Ou

nc

es

Monthly average PGM Recycle ounces fed

Source: Company

1. Results for the 8 months since acquisition in 2017


• Integration exceeding expectations

• Implementation of Sibanye-Stillwater operating model yielding positive

results

– 2017 4E PGM production of 1,194,348oz exceeded guidance

– AISC of R10,432/4Eoz (US$778/4Eoz) in lower half of industry cost curve

• R1,034 million of synergies achieved in 14 months

– 25% more than the originally expected R800 million savings in 3-4 years

Successful integration ahead of schedule 27

SA PGM operations

*Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) is based on the formula included in the facility agreements for compliance with the debt covenant formula. For

a reconciliation of profit/loss before royalties and tax to Adjusted EBITDA, see note 11 cmtained in Sibanye-Stillwater’s Annual Financial Report 2016

327 990

590 712 603 636

289 200

465 600

1 128 400

0

200 000

400 000

600 000

800 000

1 000 000

1 200 000

H2 2016 H1 2017 H2 2017

SA PGMs_Production and adjusted EBITDA*

4E Production (oz) Adjusted Ebitda (R'000)


23 805 21 418 22 216

451 352

485 441 480 010

400 000

410 000

420 000

430 000

440 000

450 000

460 000

470 000

480 000

490 000

500 000

-

5 000

10 000

15 000

20 000

25 000

30 000

H2 2016 H1 2017 H2 2017

R/k

g

kg

SA gold production and AISC

Production (oz) AISC

• H2 2017 production of 22,216kg (714,300oz) was 4% higher than for H1

and above guidance, despite the cessation of mining at Cooke

• AISC of R480,010/kg (US$1,114/oz) reflected the benefit of higher

production and the actions taken to address loss making operations

– Resilient to a strong rand environment

• Proposed vending of certain WRTRP assets to DRDGOLD for a 38%

shareholding, realises immediate value and while retaining upside

exposure

Ongoing monitoring of operations to protect profitability 28

SA gold operations

Source: Company financials


Sibanye-Stillwater is the lowest cost major gold producer in South Africa 29

We have a proven operating model

Source: Company reports for 12 months ended 31 December 2017

3 344

2 466

2 224 2 111

1 500

1 700

1 900

2 100

2 300

2 500

2 700

2 900

3 100

3 300

3 500

Anglogold Gold Fields (South

Deep)

Harmony Sibanye-Stillwater

R/t

on

ne

2017 SA gold industry UG operating unit costs (SA only)

1 340

1 242

1 195

1 128

1000

1050

1100

1150

1200

1250

1300

1350

1400

Gold Fields (South

Deep)

Anglogold Harmony Sibanye-Stillwater

US$/o

z

2017 SA gold industry all-in sustaining costs (SA only)


Positive operational outlook

2018 Guidance

Source: Company forecasts¹ Estimates are converted at an exchange rate of R13.05/US$

30

Production All-in sustaining costs Total capital

SA Gold operations¹38,500 - 40,000 kg

(1.24 - 1.29 Moz)

R475,000 - 495,000/kg

(US$ 1,130 - 1,180/oz)

R3,500 million

(US$268 million)

SA PGM operations¹ 1,100 - 1,150 koz (4E PGMs)R10,750 - 11,250/4Eoz

(US$825 - 860/4Eoz)R1,500 million

(US$115 million)

US PGM operations580 – 610 koz (2E PGMs

mine production)US$650 - 690/oz ~US$220 million

Financial performance

31


US dollar SA rand

Six months ended Six months ended

Dec 2016 Dec 2017 KEY STATISTICS Dec 2017 Dec 2016 % change

SOUTHERN AFRICA (SA) REGION

Gold operations

1,268 1,274 US$/oz Average gold price R/kg 549,064 569,535 (4)

334.5 228.0 US$m Adjusted EBITDA Rm 3,052.5 4,673.5 (35)

35 25 % Adjusted EBITDA margin % 25 35 (28)

1,005 1,114 US$/oz All-in sustaining cost R/kg 480,005 451,352 6

PGM operations1

874 975 US$/4Eoz Average basket price R/4Eoz 13,064 12,204 7

20.7 84.6 US$m Adjusted EBITDA Rm 1,128.4 289.2 290

9 16 % Adjusted EBITDA margin % 16 9 72

730 779 US$/4Eoz All-in sustaining cost R/4Eoz 10,432 10,195 2

UNITED STATES (US) REGION

PGM operations2

947 US$/2Eoz Average basket price R/2Eoz 12,699

133.1 US$m Adjusted EBITDA Rm 1,774.5

25 % Adjusted EBITDA margin % 25

660 US$/2Eoz All-in sustaining cost R/2Eoz 8,899

GROUP

355.2 445.7 US$m Adjusted EBITDA Rm 5,955.4 4,962.7 20

214.9 30.6 US$m Basic earnings Rm 366.3 3,140.3 (88)

98.5 148.4 US$m Headline earnings Rm 1,957.9 1,393.8 41

110.7 39.9 US$m Normalised earnings Rm 522.2 1,526.1 (48)

32

Salient features

1 The SA PGM operations’ results for the six months ended 31 December 2016 include the Rustenburg Operations for two months since acquisition2 The Platinum Group Metals (PGM) production in the SA Region is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US

Region is principally platinum and palladium, referred to as 2E (2PGM)


33

Income statement

Six months ended

KEY STATISTICS

31 Dec

2017

31 Dec

2016

Revenue 26,692.4 16,536.0

Cost of sales (23,699.0) (13,493.8)

2,940.0 3,042.2

Net finance expense (1,311.5) (348.3)

(Loss)/gain on financial instruments (853.1) 144.2

Care and maintenance (128.7) (218.2)

Change in estimate of environmental rehabilitation

related payables and receivables (193.6) (97.5)

Impairments (1,615.0) (562.0)

Restructuring costs (581.8) (148.8)

Net other (246.7) (37.8)

Gain on acquisition - 2,178.6

(Loss)/profit before royalties and tax (1,937.0) 3,952.4

Royalties (225.6) (301.1)

Mining and income tax 2,532.2 (696.7)

(Loss)/profit 369.6 2,954.6

Loss on financial instruments

• The expected free cash flows to repay certain obligations were revised, and the carrying value of the net payables related to the Rustenburg Operations acquisition increased by R1,052 million.

• Derivative financial instrument related to the US$450 million Convertible Bond was revalued, and decreased by R116 million.

Impairments

• WRTRP assets, and allocated goodwill impaired by R1,344 million due to low uranium price. Sibanye-Stillwater will still retain full exposure to the Cooke TSFs following the completion of the DRDGOLD Transaction.

• De Bron-Merriespruit exploration and evaluation asset impaired by R227 million, as no further exploration expenditure is planned for 2018.

Restructuring costs

• The cessation of mining at the Cooke operations and other restructuring - R582 million.

Mining and income tax

• Deferred tax decrease - a credit of R2,995 million (US$225 million) from a charge of R79 million (US$5 million, which mainly due to the impact of the Tax Cuts and Jobs Act in the United States, signed into legislation on 22 December 2017.

• Deferred tax rate changed from 37.7% to 24.2% and a deferred tax benefit of US$205 million (R2,532 million) was recognised.


• 22 December 2017 - new federal tax reform legislation enacted in the United

States, resulting in significant changes from previous tax law.

• Effective from 1 January 2018 the 2017 Tax Act reduces the federal corporate

income tax rate to 21% from 35%.

• The rate change, together with other immaterial changes, resulted in a

decrease in our US Region net deferred tax liabilities of R2,532 million (US$205

million) and a corresponding deferred tax benefit in 2017.

• Federal income tax expense 2018 will be based on the new rate.

• Still in the process of fully understanding the implications of the tax reform

changes, however, early indications are that the changes will be net-positive

for the US Region and net positive for the Group earnings, assuming the US

Region delivers on its targets over the short, medium and long term.

Providing possible, additional value 34

Positive outcome of revised US Tax laws


• Refinancing and upsizing of US$350 million RCF has begun

– Anticipate closing of syndication during March 2018

– Initial indication is that terms and conditions will be largely the same

– Liquidity position will be enhanced

35

Liquidity position

(R1 545)

(R4 124)

R1 137

R5 537 R5 945 R5 451 R6 651

(R10 000)

(R5 000)

R 0

R5 000

R10 000

2018 2019 2020 2021 2022 2023 2024 2025

Debt Maturity Ladder - R millions

Net Cash (incl GBF's) Available Facilities USD RCF ($350m) ZAR RCF (R6bn)

2022 Bonds ($500m) 2023 Convertible ($450m) 2025 Bonds ($550m)

Source: Company data


• Deleveraging manageable under a number of scenarios.

• Profile under current strong rand environment approximates Sibanye-Stillwater

budget assumptions.

• Covenants extended to 3.5x net debt: EBITDA until end 2018, 2.5x thereafter.

• Various levers available due to sustained strong R/$ exchange rate.

36

Deleveraging profile

2017 2018 2019 2020 2021

Consensus - Jan 2018 2.56 x 2.14 x 1.78 x 1.02 x 0.45 x

Spot 30 Jan 2018 2.56 x 2.27 x 1.96 x 1.64 x 1.02 x

Spot 13 Feb 2018 2.56 x 2.49 x 2.22 x 1.95 x 1.28 x

Budget 2018 2.56 x 2.48 x 2.22 x 1.94 x 1.24 x

0.00 x

0.50 x

1.00 x

1.50 x

2.00 x

2.50 x

3.00 x

Exp

ec

ted

ND

:EB

ITD

A

Expected gearing evolution at & exchange rates

Source: Bloomberg, Company forecasts

Path to appropriate

value recognition

37


87%

(46%)(60%)

(25%)

(79%)

14%

(40%)

(98%)-100%

0%

100%

200%

300%

400%

500%

2013 2014 2015 2016 2017 2018

South African precious metal peers

Sibanye-Stillwater AngloGold Gold Fields Harmony AngloPlats

Impala Northam RBPlat Lonmin

Outperforming and rerating against peers through period of significant growth 38

Relative peer share price performance

Source: Bloomberg

Note: Share prices have been adjusted for spin-offs, stock splits/consolidations, stock dividend/bonus, and rights offerings/entitlements


205%

(43%)(61%)(76%)

52%

(29%)(32%)

(90%)-100%

0%

100%

200%

300%

400%

500%

600%

2013 2014 2015 2016 2017 2018

Selected South African mining company market capitalisations

Sibanye-Stillwater AngloGold Gold Fields Harmony AngloPlats

Impala Northam RBPlat Lonmin

Sibanye-Stillwater has significantly grown its market value while returning to shareholders, R4bn* in dividends 39

Relative peer market capitalisation

Source: Bloomberg

* Cash dividends declared from listing in 2013 to end 2016, source: company


77%

23%

2016A

Sibanye-

Stillwater

Africa Gold

peers

International

Gold Majors

SA PGM

40

But, is it fairly valued by the investor community?

Source: Company guidanceNotes: Year 2021 Includes revenues and PGM production from Lonmin*2021 forecast assumptions: R/US$15.15 exchange rate, Pt:US$1249/oz, Pd: US$917/oz, Rhodium: US$1220/oz, Gold: US$1 216/oz, Ruthenium: US$/oz 39/oz; Iridium: US$ 548/oz, Cobalt US$20/lb, NickelUS$7/lb, Copper US$ 3 /lb; Uranium US$42/lb; Chrome (Met) US$ 180 /t, Chrome (chemical) US$250/t

…reflected in ratings?

• PGM vs gold?

• International vs Africa?

• Further upside from pending transactions?

18e

19e

Is the transformation…

• Diversification in stable jurisdiction

• Broadening portfolio to include PGM

4 5

100%

0%

2016A

80%

20%

0%

2017A

Revenue by geography (%)

Production by metal (%)

Source: Illustrative based on Bloomberg data3) Data as of 20 February 20184) Includes AngloGold and Gold Fields5) Includes Newmont, Barrick, Newcrest, Goldcorp, Agnico-Eagle and Randgold6) Includes Amplats, Impala, Northam and Royal Bafokeng

6

Illustrative EV/EBITDA 2018e and 2019e3

47%53%

0%

2017A

61%21%

18%

2021F*

28%

18%54%

2021F

Conclusion

41


42Well positioned to benefit from any upside in metal prices

Maintaining

our focus on

operational

excellence

Deleveraging

our balance

sheet

Improving

our position

on the

global

industry cost

curves

Addressing

our SA

discount

Consistently

delivering on

our market

commitments

Pursuing value

accretive

growth based

on

strengthened

equity rating

Strengthen our position as a

leading international precious

metals mining company by:

Focussed on our three-year strategic goal

Contacts

James Wellsted/ Henrika Ninham

[email protected]

Tel:+27(0)83 453 4014/ +27(0)72 448 5910

Website: sibanyestillwater.com43

Appendix

44


Aquarius and Rustenburg realised synergies

Integration of Aquarius and the Rustenburg operations has exceeded expectations

Category Summary of key initiatives Initial benefits

identified (Rm)

Realised

benefits

At 30 June

2017 (Rm)

Realised

benefits

since

acquisition at

31 Dec 2017

(Rm)

Resource optimisation

• Employees and management configured to reflect the Sibanye-Stillwater operating model 200

246 456• Consolidation of duplicated production and support functions 237

Sourcing and stores management

• Improved procurement and supply chain management

26 166

137

• Owner Maintenance 98

Closure of corporate offices

• Rosebank, Centurion and Perth offices 69 62 62

Optimisation

• Property• Consolidation of training footprint• Engineering• Other

268 68 164

Total Operating cost synergies R800m (over 3 years)

R542m (over 8 months)

R918m (over 14months)

Additional savings • Real capital savings realised (not deferred) 98 116

Realised integration synergies R800m(over 3 years)

~ R640m(over 8 months)

~ R1,034m (over 14months)

*Source: Company data

Kroondal baseline was 2016 actual (July 2015 to June 2016),Rustenburg: Baseline was the PFS – re-based as a standalone company

Savings identified include those related to decrease in labour numbers

45


• Overhead costs (R730m per annum by 2021)

– Corporate office rationalisation (closing

the London office and delisting)

– Regional shared services

– Operational (mining) services

– One-off R80m cost required to achieve

these synergies

• Processing synergies

– Differential cost benefits of R780m by

2021 and an average of approximately

R550 per annum from 2021

– Approximately R1bn of capex required

for the purchase of a new furnace

Quantified synergies 2 Incremental synergy potential 2

• Ability to mine through existing mine boundaries

• Optimal use of surface infrastructure

• Optimising the mining mix

• Prioritisation of projects and new growth capital

• Capital reorganisation in line with new consolidated regional plan

46

Material synergies with Lonmin operations

Pre-tax synergies of approx. R1.5bn per annum by 20211

Note:

1. For further information in relation to expected synergies, please refer to page 17 and pages 58 to 60 of the offer announcement,

dated 14 December 2017, available at https//sibanyestillwarer.com/investors/transactions/lonmin/documents

2. For overhead synergies, total savings anticipated when fully implemented in FY21; varies per toll agreement production

throughput for processing synergies with average calculated between 2021 and 2032

3. Synergies which are unquantifiable at this point in time

Realisation of synergies will ensure operational viability


• Vending selected gold surface processing assets and tailings storage facilities

(TSFs) into DRDGOLD for a 38% stake worth c.R1.3 billion*

• Option to increase ownership in DRDGOLD to 50.1% within 24 months

• Ownership of the Cooke and Ezulwini plants and associated uranium and gold

TSFs retained

• DRDGOLD will develop the West Rand Tailings Retreatment Project (WRTRP) in

phases, culminating in the development of a Central Processing Plant (CPP)

and RTSF

• Timeline and approvals– Competition commission approval has been received

– DRDGOLD shareholder approval required - estimate closing within H1 2018

47

DRDGOLD transaction

An innovative and value accretive partnership

* DRDGOLD’s closing share price of R4.96 on 20 November 2017 multiplied by the 265 million shares to be issued to Sibanye-Stillwater


Ample mine life to sustain the Group in the long-term 48

Production profile for the next 20 years

Note: Profile is based on reserves declared as at 31 December 2017 and excludes the Burnstone project and the West Rand Tailings Retreatment Project

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

4 000 000

4 500 000

5 000 000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Ou

nc

es

Expected gold and PGM life of mine production (Next 20 Years)Gold Operations, Gold oz

SA PGM operations, 4E PMG oz

US PGM operations (US), 2E PGM oz

Recycling (US), 2E PGM oz

Lonmin Operations, 4E PGM oz

Gold Fields Plan, Gold oz


Mineral Resources Mineral Reserves31 Dec 2017 31 Dec 2016 31 Dec 2017 31 Dec 2016

GoldTonnes

(Mt)

Grade

(g/t)

Gold

(Moz)

Gold

(Moz)

Tonnes

(Mt)

Grade

(g/t)

Gold

(Moz)

Gold

(Moz)

SA region 991.1 2.7 85.111 102.035 807.4 1.0 25.737 28.694

US region 2,614.0 0.1 6.321

Total gold 3,605.1 0.8 91.432 102.035 807.4 1.0 25.737 28.694

PGMsTonnes

(Mt)

Grade

(g/t) (Moz) (Moz)

Tonnes

(Mt)

Grade

(g/t) (Moz) (Moz)

Total SA PGMs

(4E)837.2 4.5 122.095 126.478 249.4 2.8 22.358 23.186

PGMsTonnes

(Mt)

Grade

(g/t) (Moz) (Moz)

Tonnes

(Mt)

Grade

(g/t) (Moz) (Moz)

Total US PGMs

(2E)300.9 8.7 84.447 41.8 16.3 21.903 21.198

Uranium

Operations

Tonnes

(Mt)

Grade

(kg/t)

U3O8

(Mlb)

U3O8

(Mlb)

Tonnes

(Mt)

Grade

(kg/t)

U3O8

(Mlb)

U3O8

(Mlb)

Total Uranium 682.2 0.082 123.051 159.507 670.8 0.065 96.083 113.226

Copper ProjectsTonnes

(Mt)

Grade

(%)

Copper

(Mlb)

Copper

(Mlb)

Tonnes

(Mt)

Grade

(%)

Copper

(Mlb)

Copper

(Mlb)

Total Copper 2,765.7 0.306 18,661.1

Quality Resources and Reserves 49

Summary of Mineral Reserves and Resources

Note: Please refer to the announcement for a full update to the Mineral Resources and Reserves including pricing assumptions, issued on 19 February 2018, at

https://www.sibanyestillwater.com/investors/news/company-announcements/2018

Documents

OPERATING AND FINANCIAL RESULTS...• Eskom worked tirelessly through the day and night and restored power at approximately 02:30 on Friday 2 February 2018 • All 955 employees were