Board & Executive Management Cash reduction initiatives

Aquarius Platinum Limited ASX, JSE & LSE 16 September 2013 Board and Executive Management Cash reduction initiatives Aquarius Platinum Limited (Aquarius) advises a range of initiatives designed toreduce operating costs and conserve cash resources during the present difficultoperating environment. To assist in the preservation of the Company's cash resources the non-executivedirectors have agreed to a reduction in directors' fees of 10% and offered toreceive 25% of their remaining director fees in shares in lieu of cash subjectto regulatory and shareholder approval at the Company's AGM to be held in lateNovember 2013. The number of shares would be calculated by dividing 25% of theresidual fee by the simple average of the share price over the precedingcalendar quarter. The first affected payment would be due on 31 March 2014. In terms of an unsolicited proposal which Mr Nel, CEO, submitted to the Boardon 3 July 2013, he offered to receive approximately 70% of his salary and anyapplicable bonuses he may receive over the next three years (commencing from 1July 2013) in shares instead of cash. The number of shares to be issued will befixed at 708,000 per annum and set at US$0.62 per share, being the VWAP of theshare price on the LSE for the month of June 2013, being the month precedingthe date of submission of the proposal. Any shares issued as part of a bonuswill be issued on the same terms. In addition, Mr. Nel has, for the secondconsecutive year, asked not to be considered for a salary increase in 2014. The Remuneration Committee and Board of Aquarius, after having takenappropriate legal and governance advice unanimously approved the proposal,subject to shareholder approval. A Directors/Employees Share Plan (Plan) will be placed before shareholders forapproval at the November 2013 AGM to allow participants to acquire shares inthe Company by way of a salary sacrifice at terms and conditions as agreed.This Plan will act as a quasi long term incentive plan and reduce the cashcomponent of remuneration of participating individuals. Participants will beentitled to sell some of the shares issued to them to the extent that it isrequired to cover any taxes due by the Participant. The Board of the Company believes that the implementation of the Directors/Employees Share Plan, the proposed reduction in the cash component of Mr Nel'ssalary and the proposed amendments to non-executive directors' fees demonstratean acknowledgement of the difficult operating conditions and need for restraintand also demonstrate a further alignment of: * the Company and its key executives, * a reduction in cash outflows at a time when corporate costs are being restructured, and * the long term objectives of the Company and its shareholders. With the initiatives detailed above as well as other corporate cost savinginitiatives, Aquarius' cash corporate costs in the Group has been reduced by inexcess of 50% to below $6 million per annum. Full details will be outlined in the Company's AGM notice of meeting that willbe mailed to shareholders in early November 2013. For further information please contact: Jean Nel - CEO Willi Boehm - Company Secretary+27100012848 +61893675211 or visit: www.aquariusplatinum.com