REGULATORY RELEASE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 18 January 2017 Lonmin update on covenant waiver, non-cash impairment of assets and expected date for publication of full year accounts Following the announcement of the recommended all-share offer pursuant to which Sibanye Gold Limited (“Sibanye-Stillwater”) and/or a wholly owned subsidiary of Sibanye-Stillwater, will acquire the entire issued and to be issued ordinary share capital of Lonmin Plc, (“Lonmin” or “the Company” or “the Group”) the (“Offer”), the Company announces that it has obtained in-principle agreement from its lenders, subject to credit approval and execution of the necessary legal agreements, for a further waiver of compliance with its consolidated tangible net worth debt covenants until the earlier of the Offer closing, lapsing or being withdrawn and the current transaction long-stop date of 28 February 2019. As part of the Company’s finalisation of its full year accounts, the determination of the non-cash impairment to the carrying value of the Group’s assets for the year ended 30 September 2017 is substantially complete, the effect of which is anticipated to reduce the Group’s consolidated tangible net worth significantly below the $1,100 million minimum required under the debt covenants. The abovementioned waiver will ensure that this shortfall is not regarded as an event of default during the waiver period. The announcement and publication of the Company’s financial results for the year ended 30 September 2017 is now scheduled to take place on 22 January 2018. The Quarter 1 Production Report for the 2018 financial year will be published on the same day.

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