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INVESTOR RELATIONS

About Bastion

Established in 1982

45

Print and online financial communication specialists

Dedicated and talented employees supported by 25 typesetters, proofreaders and a production team

Expertise in integrated and sustainability reporting

Writing and editing services

Award-winning design and production

Services

Built for the fast-moving world of our clients: a unique mix of thinkers, designers, developers and filmmakers.

■ Corporate compliance

■ Financial results

■ Presentations

■ Interviews and films

■ Webcasts and teleconferencing

■ Transcripts and language services

■ Advertising and media planning

■ Brand custodians

■ IR events and conferencing

INVESTOR COMMUNICATIONS

CORPORATE REPORTING

ONLINE COMMUNICATIONS

■ Integrated and Sustainability reporting

■ Research

■ Writing

■ Strategic consulting

■ Project management

■ Design and typesetting

■ Digital and litho print

■ Online reporting

■ Corporate websites

■ Online advertising

■ Programming and bespoke software

■ Integrated reporting tools

■ Social media

■ Film, photography and editing services

We offer expert advice and award-winning creativity across investor communications, corporate reporting and online communications.

Some people to know

45 award-winning thinkers, designers, creators, producers, editors and developers - all in one company.

Rodney BastionCHAIRMAN

Marcella Cave

Yvonne BastionFINANCIAL DIRECTOR

Garret RichardsonVIDEO

CONTENT

Sean JordanPROGRAMMING

Benjamin JoannouCEO

Julie HaymanBelinda OverendEXECUTIVE DIRECTOR

Adele LotterMANAGING DIRECTOR

Jill MurrayPRODUCTION

MANAGER

Humphrey MalulekeONLINE

DEVELOPMENT

Belinda van Staden

Melany PageEXECUTIVE DIRECTOR

Tina BrownCREATIVE

DIRECTOR - ONLINE

LEADERSHIP

DIRECTORS

SENIOR ACCOUNT EXECUTIVES

DEPARTMENT HEADS

Bastion - consistently the best

Report suite

IAR online 2016

New website

IMPLATS Platinum Limited

Annual Financial Statements 2016

Supplement to the Annual Integrated Report 30 June 2016

Mineral Resource and Mineral Reserve Statement 2016

Supplement to the integrated annual report 30 June 2016

Sustainable Development Report 2016

Supplement to the Integrated Annual Report 30 June 2016

Annual Integrated Report 2016Implats A

nnual Integrated Report 2016

Our operations – Key features for the Group

about implats Implats Annual Integrated Report 2016 \ Page 16

Human

- Our workforce- Skills and training- Social, ethics, transformation and remuneration practices

pRoCEss outputsiNputs positiVE aND NEGatiVE outComEs FiNaNCial YEaR 2016 outComEs

Financial- Operating cashflow- Equity funding- Debt funding

manufactured

- Mining rights, reserves infrastructure and resources- Plant, property and equipment- Utilities

social and relationship

- Ethics and human rights - Employee relations- Organised labour- Community relations- Social licence to operate

intellectual

- Knowledge and procedures- Risk and accounting systems- R&D and IP- Geological models- People, HR, governance and safety systems

Natural

- Natural resources (land, air, water and biodiversity)- Mineral Resources and Mineral Reserves

• Injuries and fatalities

• Occupational health (NIHL)

• Skilled leaders and employees

• Economic empowerment of our people

• Equity and transformation

• Shareholder and investor returns

• Reinvestment of profits

• Contribution to tax revenues and economic growth for country

• Products that generate revenue and improve the environment

• Reinvestment in shafts, side stream beneficiation

• In-migration and constraints on infrastructure and social amenities

• Informal settlements

• Labour and social unrest

• Social investments

• Education, health and housing

• Continuous improvement – safe and efficient operations

• Development of IP

• Business improvement

• R&D innovation

• Generation of waste

• Pollution (air, water, land) and climate change

• Land availability and disturbance

• Conservation of natural resources through recycling, rehabilitation

OUR CAPITALS

Energy intensity

0.9405 GJ/tonne milled

Water intensity

0.0025Mℓ/tonne milled

CO2 intensity (scope 1)

0.2072 tonnes/tonne milled

41% of total water consumed is recycled

Spend on modernisation

R174m (safety technical initiatives)

Group employee turnover rate

8.2%Capital expenditure

R3 560m

An investment of R104.6m* in south africa in our surrounding communities (US$4.7m* in Zimbabwe)

Small business

supported

Local procurement spent in South Africa

R6.1bn with companies of >25% BEE ownership

PGMs produced

2 908MozMaintenance expenditure on property, plant and equipment

R1 825m

Revenue generated

R35 932m

Financial health of Company

R2 731m net cash generated from operating activities

All taxes and royalties paid in South Africa R2 137.7m(in Zimbabwe US$45.9m)

Procurement of R8.1bn in south africa from businesses and suppliers (US$336m at Zimplats in Zimbabwe)

Total liabilities

R26 560m

Well trained and skilled workforce

R512m spent on training and development (Zimbabwe US$4.9m)

Number of employees including contractors

50 720

Wage bill of

R10 708m

Group FIFR 0.091Group LTIFR 6.49

* Community investment spend excludes housing.

Improved living conditions R236m spent on housing in sa(in Zimbabwe US$1.1m spent on housing)

Direct SO2 intensity

0.0017 tonnes/tonne milled

Copper cathodes

Cobalt powder

Nickel powder or briquettes

s t R a t E G i C R E s p o N s E s

Iridium

Rhodium

Investment through the cycle

Impala IRS Mines

World-class refining assets and capability

Ability to grow and maintain

s t R a t E G i C R E s p o N s E s

Gold and silver

Ruthenium

Palladium

Platinum

Improve efficiencies through operational excellence and safe

productionCash

conservation(ongoing cost reduction opportunities

and capital cost controls)

(Impala 16 and 20 Shaft complexes)SOCIAL LICENCE

Investment through the cycle

Strong balance sheet (cash exceeds debt)

Group components

and third party refining through use of Impala’s spare capability

Zimplats

maRula

mimosa

tWo RiVERs

CoNCENtRatoRs

smEltERs

platiNum mEtals REFiNERY

basE mEtals REFiNERY

miNEs

(Various business plans on a page)

(MPRDA compliant)

Maintain our social licence to operate

Maintain optionality and position for the future

(Impala 17 Shaft complex; Afplats Shaft complex and Zimplats new portals)

Our operations – Key features for the Group

The quality and diversity of the Group’s assets and people are becoming a clear value differentiator with strong operational execution across the Group. Zimplats, Marula Two Rivers and Mimosa delivered remarkable operational performances in an extremely challenging operating environment, all setting new production records. Impala Rustenburg restored operational performance in the first half of the year in line with our strategy to reposition the Lease Area, but regrettably two major safety incidents in the second half of the financial year impaired its overall result.

Safety• Record 8.0 million fatality-free shifts

at South african operations

• Safety incidents at Mimosa and Impala’s

14 and 1 Shafts impact safe production

aspirations

Market• Platinum and palladium markets will

remain in fundamental deficit during 2016

• Demand growth combined with faltering

supply will drive higher PgM basket

prices in the medium term

OperatiOnal• gross refined platinum 13% higher at

1.44 million ounces

• Safety incidents and related stoppages

impact performance at Impala

earningS• Headline earnings per share decreased

by 67% to 12 cents

DiviDenD• No dividend declared for the year

reSpOnSe plan• The group continues to prioritise shorter-

term cash preservation and profitability

enhancement measures to mitigate

lower-for-longer PgM prices

Balance Sheet• group equity raise of R4 billion

successfully executed in October 2015 to sustain capital commitments and long-term value creation

• Quantum and tenure of debt facilities extended to further strengthen balance sheet

about implats Implats Annual Integrated Report 2016 \ Page 17

Bastion - consistently the best

Reports and King III

IAR onlineTSOGO SUN

Sustainability strategy in action continued Sustainability strategy in action

The key pillars of our sustainability include meeting the reasonable requirements of our beneficiaries, financial strength and durability, maintained product relevance to customer experience, regulatory compliance and adequately skilled human resources. In summary, a business has to stay in business to be able to take advantage of the commercial opportunities that are presented to it. Good businesses fail when they are fragile, inflexible, unethical and/or poorly managed.

The nature of the shareholders of the group is important in a highly visible and regulated industry such as gaming. Popular misconceptions about the industry make it a target for attacks through excessive taxation and regulation. While the group spends significant money and time on engaging with stakeholders to ensure that the true facts around issues such as problem gaming are presented, the strongest protection for the business is to ensure that a significant portion of the economic benefits of ownership flow to community, charitable or socially beneficial organisations. This is achieved through meaningful Citizenship programmes and also through direct and indirect equity ownership and employment.

Key performance indicators

2016 2015

Black ownership 62% 79%

Value added contribution to black economic empowered businesses, PDIs and government R8.9 billion R8.1 billion

BBBEE level Level 2 Level 2

CSI outcomes Tsogo Sun Sports, Arts and Learning

Academies support

43 945 learners

Tsogo Sun Sports, Arts and Learning

Academies support

39 751 learners

ESD outcomes Tsogo Sun Entrepreneurs

programme supports 180 beneficiaries

Tsogo Sun Entrepreneurs

programme supports 133 beneficiaries

2016 performance

ShareholdersAs mentioned in the group overview on page 3 the nature of the HCI shareholding is of particular importance as it provides the

bulk of the 62% broad-based empowered ownership at group level. HCI has provided a stable shareholder base for a number of years that has allowed the group to grow and take advantage of opportunities. The reduction in measured black ownership is as a result of the measurement against the DTI’s Revised Codes of Good Practice tourism sector scorecard.

The sale by SABMiller of its shares during the prior year has allowed for a more diverse shareholder base and has significantly increased the shares liquidity.

CommunityTsogo Sun is committed to the upliftment and development of local communities. We are further committed to leveraging our resources, experience and geographic spread within the hospitality and entertainment industry to provide the foundation for initiatives that achieve lasting results in the communities where we are present. A portion of our profits is spent annually on social investment and, through our Tsogo Sun Citizenship programme, we are able to deliver effective social initiatives that seek to create shared value with the broader society. Tsogo Sun Citizenship comprises three areas, being community development, entrepreneurial development and the natural environment.

Community developmentDuring the year, the group’s combined social investment in community development amounted to R52 million. Of this, verified spend on BBBEE socio-economic development amounted to R48 million which is the equivalent of 2.7% of net profit after tax and represents 1.7pp more than the tourism sector code target.

While our casinos and hotels provide substantial support towards a wide range of projects and initiatives designed to uplift people in their local communities, Tsogo Sun’s national community development takes place through the Tsogo Sun Sports, Arts and Learning Academies, which collectively reach 43 945 learners who participate in our full-year programmes.

Deliver to our beneficiaries

Our Strategy in actiOn TSOGO SUN Integrated Annual Report 2016 39

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Bastion track record

We produce between 60 and 70 reports (including Integrated Reports, Annual Reports, Sustainability Reports and Mineral Resources and Reserves Reviews) per year. We have many long-standing, successful associations with our clients, such as:

16 years 17 years 18 years 20 years 22 years12 years

Tiger Brands integrated annual report 2016

INTEGRATED ANNUAL REPORT 2016

Adding value to life

2016 INTEGRATED REPORT

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INTEGRATED ANNUAL REPORT for the year ended 31 March 2016

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MTN Group LimitedIntegrated report for the year ended 31 December 2016

TIGER BRANDS NAMPAK ASPEN ITALTILE NASPERSMTN

Excellence in reporting awards

■ For conciseness - Tsogo Sun Holdings Ltd

■ For risk disclosure - Gold Fields Ltd

■ For focus on value creation - Nampak Ltd

1. ArcelorMittal South Africa Limited - Bastion

2. Barloworld Limited - Bastion3. Nampak Limited - Bastion4. Royal Bafokeng Platinum

Limited - Bastion5. Nedbank Group Limited6. Anglo American Platinum

Limited - Bastion7. Kumba Iron Ore Limited and

Tsogo Sun Holdings - Bastion8. Exxaro Resources9. Sibanye Gold Limited10. Aveng Group Limited - Bastion

■ Mining and resources: Gold Fields Limited

■ Property: Growthpoint Properties

■ Overall winner: Growthpoint Properties

■ SAMREC award (for best mineral reserves and resources report): Impala Platinum

■ Anglo American Platinum Ltd■ Aspen Pharmacare Holdings Ltd ■ Barloworld Ltd■ Gold Fields Ltd■ Impala Platinum Holdings Ltd■ MTN Group Ltd■ Nampak Ltd■ Sappi Ltd■ Tsogo Sun Holdings Ltd

■ Basic Materials: ArcelorMittal South Africa Limited

■ Consumer Services: Tsogo Sun Holdings

■ Industrials: Barloworld Limited■ Telecommunications:

MTN Group Limited

Bastion clients who received merit awards

This year’s top 10 winners were: Each year, the IAS presents awards to companies that display excellence in

transparency, financial disclosure and communication with members of the IAS and

the investment community.

Bastion clients in the Excellent category – 9 out of 18

Bastion clients - industry winners were:

EY’S EXCELLENCE IN INTEGRATED REPORTING AWARDS 2016

NKONKI - JSE TOP 100 INTEGRATED REPORTING AWARDS 2016

32ND ANNUAL IAS EXCELLENCE IN FINANCIAL REPORTING AND COMMUNICATION AWARDS 2017

Awarded to:

Name of Entity:

BASTION GRAPHICS (PTY) LTD

Ent ity Registrat ion Number :

1971/007122/07

Vat Number :

4210116903

Phys ica l Address:

Corner Blandford and Se lby Roads, Parkwood, Johannesburg , 2193.

Ver if icat ion Standard

App l ied : Broad Based BEE Codes of Good Pract ice

Issue of the rat ing standard app l ied :

Sect ion 9 of the B -BBEE Act 53 of 2003

Scorecard Appl ied : Gener ic Scorecard (> R35 Mi l l ion annual turnover* )

E lement Weight ing Score

Ownership 20 23 .00

Management Control 10 7 .92

Employment Equity 15 8 .40

Ski l ls Development 15 6 .96

Preferent ia l Procurement 20 20 .00

Enterpr ise Development 15 15 .00

Socio-Economic Development 5 5 .00

Overa l l Score 100 86.28

GENERIC CERTIFICATE

Cert if icate No :

GEN/13/12/2016/005

LEVEL 2

Based on ou r work pe r fo rmed , we h ave no reason t o be l i ev e t hat t h e B -BBEE st atu s r e f l e ct ed i n t h i s Cert i f i cat e has not been ca l cu l a ted i n a l l mat er i a l r e spects , i n a ccor dance w i t h t h e Codes o f Good Pr act i c e on B l ac k Econom ic Empowerment , ga zet t ed on 9 Febru ary 2007 i n t erms o f t h e Bro ad -Based B l ack Econom ic Empowerment Act o f South Af r i ca . Our i n dependent l im i t e d assur ance r eport dated 13 December 2016 i s a va i l a b l e f o r i n s pect i on at t h e r eg i st er ed o f f i ce o f BAST ION GRAPH ICS ( PTY ) LTD t ogethe r w i t h t h e accompany i n g det a i l ed B -BBEE Sco recar d and shou l d b e r e fer red to fo r an un der st and i n g o f ou r l im i t e d assur ance engagement and t h e exten t o f work pe r fo rmed . T h i s Cert i f i c ate h as been det erm i ned , on t he bas i s o f i n fo rmat i on p rov i d ed by man agement . We do not acce pt o r assume r espon s i b i l i t y to an yon e oth er t h an BAST I ON GRAPH ICS ( PTY ) LTD , f o r ou r work , fo r t h i s r eport , o r fo r t h e con c l u s i on we h ave reach ed .

D. KALMIN & COMPANY Registered Auditors

D.Kalmin IRBA Reg No: 192244B D.Kalmin & Company IRBA Reg No: 935654

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27 Bompas Road ǀ Dunke ld West ǀ Johannesburg 2196 ǀ P .O . Box 891527 ǀ Lyndhurst 2106

Te l (011 ) 325 2480 ǀ Fax : 086 5199 301 ǀ E-ma i l : bee@dka lmin .co .za ǀ Webs ite : www.dka lmin .co .za

Dav id Ka lmin BCom, BCompt (Hons) CA (SA) Manag ing Partner

Broad Based BEE status level : A level 2 Contr ibutor to B-BBEE BEE procurement recognit ion level : 125.00%

Black Ownersh ip : 25.50% Black Women Ownership : 14 .17%

Value Adding Suppl ier (Yes/No) : NO

*Although the abovementioned is the current level of turnover/income and is closely related to the economic indicators, it may be more or less in future. Consequently, this Certificate does not serve as a guarantee that the income reflected wil l continue at the same levels.

___________________ David Kalmin Registered Aud itor Approved by IRBA to Conduct Assurance Engagements on B -BBEE Ver i f i cat ion Cert i f i cates

Date of issue: 13 December 2016 Expiry date: 12 December 2017 Period of val id ity: 12 Months

Thank you for affording our company the opportunity to present ourselves.

We look forward to working with you.