Trading statement in respect of the six months ended 31 December 2011

16 February 2012

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited 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 on next will differ by at least 20% from those of the previous corresponding period.

ARM’s interim results for six months ended 31 December 2011, in comparison to the corresponding six months to 31 December 2010 (1H F2011), were positively impacted by an increase in sales volumes in iron ore, manganese ore, manganese alloys, nickel and PGMs. The positive effect of higher sales volumes was however reduced by a decline in US Dollar prices realised, particularly for manganese ore, manganese alloys, nickel and chrome concentrate. The weaker Rand/ US Dollar exchange rate had a positive impact on the interim results for the period ended 31 December 2011.

Nkomati Nickel’s contribution to earnings was negatively impacted by additional waste stripping costs incurred to improve mining flexibility.

Accordingly, ARM announces that it expects headline earnings per share for the six months ended 31 December 2011 to increase to between 890 cents and 930 cents per share (1H F2011: 734 cents per share). Basic earnings per share are expected to be higher than headline earnings per share and are therefore expected to be in the range of 910 cents to 950 cents per share (1H F2011: 732 cents per share).

The financial information on which this trading statement is based has not been reviewed or reported on by the external auditors of ARM.

The Company’s interim results will be released on Monday 27 February 2012.

For all investor relations queries, please contact:

Jongisa Klaas
Head of Investor Relations and Corporate Development
Office: +27 11 779 1507
Mobile: +27(0)82 562 5288

Corne Dippenaar
Office: +27 11 779 1478
Mobile: +27(0)83 380 6614

16 February 2012

Deutsche Securities (SA) (Proprietary) Limited