130206

ANGLO PLATINUM LIMITED

2005 ANNUAL RESULTS PRESENTATION

13 February 2006

2005 Annual Results

Overview

• Significantly improved earnings - higher metal prices

• Strong PGM demand - supports firm prices

• Production growth continues

• Operational initiatives - on track

• BEE process ongoing

• Headline earnings up 64% - R4,23bn

• Dividends up 61% - R11,80 per share

• Increased sales volumes

- Refined PGM’s up 5,1%

- Refined Platinum unchanged: 2,45m oz

• Average rand basket price up 16%

Improved earnings

Overview2005 Annual Results

Higher metal prices

Overview2005 Annual Results

2000

4000

6000

8000

10000

2001 2002 2003 2004 2005200

400

600

800

1000

Rand basket price(R/Pt oz sold)Average US$Platinum

• Platinum average US$ price $894 – up 6% year on year • Rhodium average US$ price $1 966 – up 111% year on year

• Strong platinum demand– Diesel autocatalyst driving growth

– Unique beneficial role of jewellery sector

• Sound palladium demand– Stable autocatalyst demand

– Significant new jewellery offtake

• Tight rhodium market– Strong autocatalyst and glass demand

Strong PGM demand – supports firm prices

2005 Annual Results Overview

Strong platinum demand

2005 Annual Results

! Firm industrial – electrical and glass

! Strong autocatalyst - diesel

0

1000

2000

3000

4000

2001 2002 2003 2004 2005

Industrial

Autocatalyst

(oz 000's)

Overview

Compound annual demand growth – 2001 to 2005: 11%

• Continued increase in diesel car popularity

• Continued tighter legislation - Euro IV 2006

• Early voluntary particulate filter fitment

• Heavy duty vehicle retrofitting - high loadings


Strong platinum autocatalyst demand

• ‘Shock absorber’ effect (at any price level)– Jewellery price elastic - Industrial price inelastic– Demand balance results in lower price volatility

• Price tension (upward pressure on price)– Strong consumer demand– Consumer has adjusted to higher prices over

time– Chinese market low margin, high turnover and

unsaturated

Unique role of jewellery sector


Jewellery sector healthy


Shanghai Exchange platinum volumes are up

• Platinum brand strength is high

• Retailer has the most accurate view of consumer

• Retail response to consumer demand

• Reduced manufacturer risk

• Positive indicator of jewellery business health

Growth continues

2005 Annual Results

1000

2000

3000

2000 2001 2002 2003 2004 2005

Anglo Platinumrefined Pt oz(000's)

• Anglo Platinum refined output growth 2000 - 2005: 5,5% pa

• Anglo Platinum expected average growth 2006 onwards: 5% pa

Global compound demand growth 3,4% pa

Overview

• Focus on long term safe and sustainable production

• People and actions are in place

• Volume improvements in second half of 2005

• Volume and cost improvements by end of 2006

Operational initiatives – good progress


• Firm commitment to broad based BEE

• Conversion process commenced

• 13 applications over 5 areas submitted

• Ongoing Government engagement

• Discussions with existing and potential HDSA partners continue

BEE progressing


Financial overview

• Picture

2005 Annual Results

Results features

• Headline earnings up 64,1% - R4,23bn

• Average rand basket price up 16%

• Strong operational cash flows

• Net debt at R2,46bn

• Final dividend R7,00 per share

2005 Annual Results Financial overview

Financial summary

Financial overview2005 Annual Results

2005 2004 %

Prof it on metal sales Rbn 5,84 4,59 27,2Total headline earnings Rbn 4,23 2,58 64,1Net debt * Rbn 2,46 3,43 28,3

Headline earnings per share cps 1 828 1 121 63,1

Ordinary dividend cps 1 180 735 60,5

Ref ined Pt product ion 000 oz 2 453,2 2 453,5 0,0

Interest bearing debt to equity % 20,5 32,2 36,3

EBITDA - Interest cover 21,6 9,6 125,0

ROCE % 27,2 18,6 46,2

Year ended December

* Borrowings less cash and cash equivalents

Headline earnings (Rm) 2005 vs 2004


2 579

215

(432)1 824

389

4 231

(411)

430

(363)

2004 Price Exchange Inf lat ion Salesvolume

Cash costs Amort Other 2005

Operating margin and volume per mine


Group average 29,9%LPM

22,4%

BRPM13,8%

Modikwa9,7%

US24,5% RS

28,4%PPL25,8%

WLTR26,4%

KPM PSA37,2%

AS48,3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600

Equivalent Pt oz (000's)

Ope

ratin

g M

argi

n

2005 cash flows (Rm)


(3 429)

7 542

(2 460)

(2 029)

(4 097)

(818)371

Dec 2004Net Debt

Cash fromoperations

Dividends Capex Other Tax & Interest Dec 2005Net Debt

• Second joint venture with Aquarius at Marikana

• New Mototolo Mine JV with Xstrata

• Elandsfontein BEE transaction

Corporate activity

2005 Annual Results Financial overview

Operational overview

2005 Annual Results

• Pictures

• Safety

• Mining performance

• Process performance

• Cost performance

• Capital expenditure and projects


2005 Annual Results Operational overview

• Firm commitment to safety - management’s top priority

• Du Pont training of executive and senior management

• Additional management resources

• 60% reduction in fall-of-ground fatalities

• Despite reduction in injuries unacceptable 2005 fatalities record

• Turnaround initiatives to benefit safety improvements

Safety

Operational overview2005 Annual Results

Mining performance

• Cash operating cost per equivalent ref. Pt oz - up 9,4%

• Mining output, equivalent ref. Pt oz - up 2,0%

• Increased production - Kroondal, Modikwa

• Production lower - Amandelbult, Rustenburg

- Volume decline halted in second half

• Flexibility improved - rate of volume increase up


Mining performanceImproved second-half of 2005

2005 Annual Results

700

900

1100

1300

1500

H1 04 H2 04 H1 05 H2 0525

35

45

55

Equivalent RefinedPt oz(000's)% UG2 mined


Mining performance – second half 2005

Second half volumes up in response to initiatives:

• Increase in equipped raise lines

• Breast mining development generating more reserves

• 14% increase in stoping from breast mining

• 10% increase in primary development meters

• Immediately available reserves up 8%


• Remedial activities continue – year 1 of the 2 year programme completed

• Steady mining production from Rustenburg and increase at Amandelbult

• Benefit from breast mining method at Modikwa

• Continued focus on cost reduction and efficiency improvement

• Focus on long term stability and flexibility


Mining outlook

Process performance

• Overall increase in platinum recovery of 2,9%

• Smelting and refining unit cost increase of 2,7%

• Polokwane smelter back on line in December

• 123 600 pt oz net increase in pipeline stock - to be

refined in the first half of 2006


Process performance

• Continuing stable ACP performance

– Average SO2 emissions down 43% in 2005

– Acid plant commissioned

– Standby reactor being commissioned

• 75 ktpm Amandelbult UG2 concentrator commissioned


Change in cash unit cost per platinum ounce(excluding purchased ounces and associated costs)

Cost performance2005 Annual Results

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

CPI4,0%

Wages above CPI

1,6%

Diesel above CPI

0,5%

Tonnage increase-1,1%

On-mine cost perton milled

5,0%

Grade - downRecovery - up

4,4%

Operating costper equivalentrefined Pt oz

9,4%

Polokwaneshutdown

3,0%

Operating costper refined Pt oz

12,4%

(% in

crea

se)

Capital expenditureSignificant project activity to maintain and increase

production

• 2005 capex R4,36bn

– R2,80bn on ongoing - Rustenburg, Amandelbult

– R1,42bn on expansion - Kroondal, Process

• 2006 total capex R5,5 – R6 bn

– Lebowa Merensky, Waterval Retrofit, PPRustreplacement, Mototolo JV


Growth projectsUnder development:

• Kroondal PSA R375m 280 000 Pt oz pa *

• Marikana JV R115m 145 000 Pt oz pa *

• Mototolo JV R675m 132 000 Pt oz pa *

Under evaluation:

• Booysendal, Der Brochen, Ga Phasha, Pandora, PPRust North expansion, Styldrift, Twickenham

* 50% of this production attributable at full margin


2005 Annual Results

Growth projects - continuedPPRust North project

• Replacement project approved – R1,4bn (2005 terms)

– 385 000 tpm, 200 000 replacement Pt oz pa

– Water supply secured

• Project to be further expanded

– by 600 000 tpm, 230 000 additional Pt oz pa

– Current capex estimate – R4bn (2006 terms)

– Regulatory and board approval expected shortly


Outlook • Buoyant and robust PGM markets

• 2006 target of between 2,7m – 2,8m refined Pt oz on

track – includes impact of Polokwane shutdown

• Lower unit cost increase expected in 2006

• Platinum production growth expected at around 5%

per annum

2005 Annual Results

QUESTIONS

13 February 2006

2005 Annual Results

Documents

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