Pallinghurst is reasonably certain that its loss per share and headline loss per share will be USc 20.0 for the
year ended 31 December 2015 compared to earnings and headline earnings per share of USc 7.0, a decrease of
370%, for the year ended 31 December 2014. In ZAR terms Headline Loss Per Share ZAR2.50 (ZAR0.79 Headline
Earnings Per Share for the comparative period), a decrease of 417%. This is primarily attributable to decreases
in the valuation of Pallinghurst’s investments in Sedibelo Platinum Mines Ltd, Gemfields plc and Jupiter Mines
Limited, which are held at fair value.