1

Annual Results 2006

2

Key features - financial

Sales revenue up 40% to

R17.5 billion (US$2.75 billion) on

higher metal prices

Operating profit up 73%

Headline earnings per share up

39% to R60.06

Final dividend of R22 per share;

R87 for the year

8:1 share split recommended

Up 39%

Heps (cents)

0

2,000

4,000

6,000

8,000

FY02 FY03 FY04 FY05 FY06

Up 39%

Heps (cents)

0

2,000

4,000

6,000

8,000

FY02 FY03 FY04 FY05 FY06

Heps (cents)

0

2,000

4,000

6,000

8,000

FY02 FY03 FY04 FY05 FY06

2

3

Key features - operational

Safety levels improve to record levels

Record production at all operations

Impala – 1.125 million ounces refined platinum

Zimplats – 90,000 ounces platinum in matte

Mimosa – 72,000 ounces platinum in concentrate

Marula – 40,000 ounces platinum in concentrate

Group platinum production maintained at 1.846 million ounces

Group gross margin increased from 34% to 42%

Group capital expenditure up to R2.2 billion

4

Key features - corporate

Progress on Black Economic Empowerment (BEE)

Impala – transaction with RBR subject to outstanding conditions precedent

Marula – 22.5% with 3 equal partners

Creation of ESOP (3% of Implats) for 28,000 employees

Zimbabwe

Agreement reached with the Government of Zimbabwe on mining leases

Zimplats long-term expansion programme commenced

3

Market review

6

Sales volumes by metal

FY 2006 FY 2005 % change

Platinum (000oz) 1,582 1,562 1

Palladium (000oz) 896 826 8

Rhodium (000oz) 193 177 9

Nickel (000t) 14.8 14.6 1

4

7

Average prices achieved

FY 2006 FY 2005 % change

Platinum ($/oz) 988 840 18

Palladium ($/oz) 258 208 24

Rhodium ($/oz) 3,015 1,217 148

Nickel ($/t) 15,343 14,592 5

Exchange rate (R/$) 6.37 6.20 3

8

Metal prices surge

Dollar basket revenue per Pt oz received

$ per platinum oz up 35%

0

400

800

1,200

1,600

2,000

FY02 FY03 FY04 FY05 FY06

$/Pt oz

0

400

800

1,200

1,600

2,000

FY02 FY03 FY04 FY05 FY06

$/Pt oz

5

9

Metal prices surge

Rand basket revenue per Pt oz received

R per platinum oz up 38%

R/Pt oz

0

2,000

4,000

6,000

8,000

10,000

12,000

FY02 FY03 FY04 FY05 FY06

R/Pt oz

0

2,000

4,000

6,000

8,000

10,000

12,000

FY02 FY03 FY04 FY05 FY06

10

Platinum fundamentals remain robust

Diesel continues to drive demand

(800)

(600)

(400)

(200)

0

200

400

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

200

400

600

800

1,000

1,200

(Deficit)/Surplus Pt Price

000 oz Price ($/oz)

(800)

(600)

(400)

(200)

0

200

400

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

200

400

600

800

1,000

1,200

(Deficit)/Surplus Pt Price

000 oz Price ($/oz)

6

11

Emission standards (Diesel)

0.000

0.020

0.040

0.060

0.080

0.100

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US Federal European Union Japan

Tier 1NLEV

Tier 2

Euro III

Euro IV

Euro V

JP 97

JP 02

JP 05

g/kmParticulate matter limits

0.000

0.020

0.040

0.060

0.080

0.100

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US Federal European Union Japan

Tier 1NLEV

Tier 2

Euro III

Euro IV

Euro V

JP 97

JP 02

JP 05

g/kmParticulate matter limits

12

Palladium fundamentals improve

Jewellery continues its rapid growth

(800)

(400)

0

400

800

1,200

1,600

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

200

400

600

800

(Deficit)/Surplus Pd Price

000 oz Price ($/oz)

(800)

(400)

0

400

800

1,200

1,600

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

200

400

600

800

(Deficit)/Surplus Pd Price

000 oz Price ($/oz)

7

13

Rhodium demand remains strong

Demand driven by tightening NOx legislation

(50)

(20)

10

40

70

100

130

160

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

1,000

2,000

3,000

4,000

5,000

(Deficit)/Surplus Rh Price

000 oz Price ($/oz)

(50)

(20)

10

40

70

100

130

160

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY060

1,000

2,000

3,000

4,000

5,000

(Deficit)/Surplus Rh Price

000 oz Price ($/oz)

14

Emission standards

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US Federal European Union Japan

Tier 1

Tier 2

Euro III

Euro IVEuro V

JP 97

JP 02

JP 05

g/km NOx limits

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US Federal European Union Japan

Tier 1

Tier 2

Euro III

Euro IVEuro V

JP 97

JP 02

JP 05

g/km NOx limits

8

Financial review

16

Group income statement

Rm FY2006 FY2005 % change

Sales 17,500 12,541 40

Cost of sales (10,185) (8,318) (22)

Gross profit 7,315 4,223 73

Profit before tax 7,001 6,334 11

Tax (2,616) (1,080) (142)

Net profit 4,345 5,238 (17)

Headline earnings (R/share) 60.06 43.25 39

9

17

Profit by entity

1,209 3,949

2,861

249 109117 596

0

1,000

2,000

3,000

4,000

5,000

HeadlineearningsFY2005

ImpalaPlatinum

IRS Zimbabweoperations

MarulaPlatinum

Other HeadlineearningsFY2006

Rm

Up 38%

1,209 3,949

2,861

249 109117 596

0

1,000

2,000

3,000

4,000

5,000

HeadlineearningsFY2005

ImpalaPlatinum

IRS Zimbabweoperations

MarulaPlatinum

Other HeadlineearningsFY2006

Rm

Up 38%

18

Cash flows

Cash at end of period

0

1,000

2,000

3,000

4,000

5,000

FY02 FY03 FY04 FY05 FY06

RmCash at end of period

0

1,000

2,000

3,000

4,000

5,000

FY02 FY03 FY04 FY05 FY06

Rm

10

19

Group capex

Significant capital expenditure planned

- in excess of R13 billion over next five yearsRm

0

500

1,000

1,500

2,000

2,500

3,000

3,500

FY06 FY07 FY08 FY09 FY10 FY11

Maintenance Expansion

Rm

0

500

1,000

1,500

2,000

2,500

3,000

3,500

FY06 FY07 FY08 FY09 FY10 FY11

Maintenance Expansion

Operational review

11

21

SafetyFatal injury frequency rate(per million man hours)

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

FY02 FY03 FY04 FY05 FY060.00

0.04

0.08

0.12

0.16

0.20

Gold Fields

Xstrata

Noranda

Anglo Gold

Anglo Americ

an

Implat

sBHPB

Rio Tinto

22

Safety

Lost-time injury frequency rate(per million man hours)

0

1

2

3

4

5

6

7

8

9

FY02 FY03 FY04 FY05 FY060

3

6

9

12

15

Gold Fields

Anglo Gold

Noranda

Anglo Ameri

can

Xstrata

BHPB

Implats

Rio Tinto

12

23

Group tonnes milled

000t FY2006 FY2005 % change

Group* 20,197 19,315 5

Impala 16,441 15,778 4

Marula 971 766 27

Mimosa 1,532 1,424 8

Zimplats 2,019 2,058 (2)

* Group includes 50% of Mimosa

24

Group refined platinum production

000 oz FY2006 FY2005 % change

1,125

37

66

89

IRS 529 559 (5)

Group 1,846 1,848 0

11,115

31

61

19

8

982

Impala

Marula

Mimosa

Zimplats

13

25

Group cost per platinum ounce

R/oz FY2006 FY2005 % change

(Refined)

(In concentrate)

(In concentrate)

(In matte)

Group* (Refined) 4,912 4,520 (8.7)

(8.9)4,2274,604

9,443 3.9

5,133

9,829

5,472 6.2

6,249 (3.3)6,458

Impala*

Marula

Mimosa

Zimplats

* Excludes share based payments

26

Operating margins

Operation FY 2006 (%) FY 2005 (%) % change

Impala 53 42

(52)

20

30

15

34

26

Marula 19 -

Zimplats 42 109

Mimosa 53 76

IRS 14 (5)

Group 42 24

14

27

Impala

28

Impala

Safety challenging

Record ounces albeit slightly lower than our target

Grade below expectations

Record overall recoveries of 84.5%

New deep level shafts ahead of schedule

PMR expansion to 2.3 million ounces platinum underway

15

29

Impala grade

Grade declined to 3.8 g/t (4E) due to mix effects from

Lower conventional Merensky volumes from 11 & 14 shafts

Higher volume of mechanised and UG2 tonnes

Failure to improve dilution parameters

Potholing in the opencast operation

A task team is addressing these issues

30

Impala efficiencies

Pt oz/employee up 2.5%

Mining efficiencies down 5% to 38m²/panel employee

Mineral Processes – record throughput and recoveries

Refineries maintained outstanding performance

80

81

82

83

84

85

FY02 FY03 FY04 FY05 FY06

Concentrator recoveries (%)

80

81

82

83

84

85

FY02 FY03 FY04 FY05 FY06

Concentrator recoveries (%)

16

31

Marula

32

Marula

Exceptional safety performance (LTIFR improved by 42%)

Platinum production up 34% to 40,000 ounces

Interim mining approaching steady state of 130,000 ROM/tpm

4E Grade at 3.2 g/t (5% ahead of plan)

Recoveries on plan

Conversion to conventional mining ahead of schedule and under budget

0

300

600

900

1,200

FY04 FY05 FY06Stockpile ROM

Production build-up

Tonnes milled per month

Tonnes000

60

80

100

120

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06

Tonnes 000

0

300

600

900

1,200

FY04 FY05 FY06Stockpile ROM

Production build-up

Tonnes milled per month

Tonnes000

60

80

100

120

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06

Tonnes 000

17

33

Zimplats

34

Zimplats

Excellent safety performance

Steady operational performance – record platinum production

4E grade improved from 3.22 to 3.37 g/t

Portal 2 underground expansion project completed on time and under

budget

Secured resource for long-term expansion to 1 million platinum ounces

per annum

18

35

Zimplats

Phase 1 expansion to 160,000

ounces of platinum with capex of

US$258 million approved -

2 new underground mines

New 1.5 million tonnes per

annum concentrator

715 new staff houses and

infrastructure

1,200 new direct jobs

3,000 contractor jobs

36

Mimosa

19

37

Mimosa

LTIFR of 1.40 which is amongst best in Group

Outstanding operational performance – record platinum production of

72,200 ounces in concentrate

Expansion project to 85,000 ounces of platinum per annum complete on

time and under budget

Study underway to expand to 100,000 ounces of platinum

38

Two Rivers

20

39

Two Rivers

Plant commissioning has

commenced

Ramp up to full production of

120,000 ounces of platinum in

concentrate scheduled for FY2008

Current stockpile of 1 million tonnes

facilitates rapid build-up to full

production

000 ozProduction ramp up

0

40

80

120

160

FY07 FY08

40

Implats operational scorecard

Safety ☺Marula new mining plan ☺Two Rivers ramp up to production ☺Zimplats expansion announced ☺Mimosa expansion completed ☺Unit cost control

Platinum production- Implats- Impala

Returns to shareholders ☺

21

Corporate issues

42

Corporate issues

Conversion of mineral rights and BEE

Applications submitted to DME

Impala – to be finalized

Marula – 22.5% in place (satisfies 2009 target)

Conclusion of indigenization/empowerment details in Zimbabwe

Royalty bill

8:1 share split subject to shareholder approval

22

43

Prospects / Conclusion

Fundamentals for PGMs remain

solid going forward

Growth to 2.3 million ounces still

on track for FY2010

Changing of the guard

Implats' Platinum Production

0

500

1000

1500

2000

2500

FY01 FY11

Impala Lease Area ZimbabweEastern Limb IRS Other

000 oz

FY06

Implats' Platinum Production

0

500

1000

1500

2000

2500

FY01 FY11

Impala Lease Area ZimbabweEastern Limb IRS Other

000 oz

FY06

Annual Results 2006