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Deutsche Bank ConferenceDeutsche Bank ConferenceJune 2005June 2005

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About usAbout us• A leading platinum group metals (PGMs) producer

• Focused on platinum production from mine-to-market operations

• Utilises full capacity in terms of core competencies, egIRS

• Invests in strategic interests where these add value• Produced 1.96 million ounces of platinum in FY2004

(0.88Moz in first half FY2005) – around 29% of global supply

• Generated sales revenue of $1.716 billion in FY2004 – up 32% ($1 billion in first half FY2005)

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LocationLocation• Operations and strategic

interests located on two prime PGM deposits• the Bushveld Complex in

South Africa (Impala, Marula and Two Rivers) and

• the Great Dyke in Zimbabwe (Zimplats and Mimosa)

• Exploration in South Africa, Zimbabwe and North America (in association with Falconbridge)

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Corporate structure Corporate structure

Concentrate off-take agreements

Concentrate off-take agreements

100%

100% *

AquariusPlatinum SA

Zimplats

Mimosa20%

86.8%

50%

Implats

Refining ServicesMine to market Strategic holdings

Impala

Marula

Toll Refining

IRS

Two Rivers 45%

AQP

50.5%

8%100%

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Strategic focusStrategic focus

Non –commodities

Distributionand retail

Proc

ess

Canadian juniors

Boundary of competencies

Support activities

Focus activities

Increased Horizontal Integration / Diversification

Incr

ease

d Ve

rtic

al In

tegr

atio

n / D

iver

sific

atio

n

Platinum PGMs Base Metals

Precious Metals (incl. Silver, Gold)

Coal, Aluminium, etc

Product

Manufactureand

wholesale

Mining

Marketing

Refining

Exploration

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Market reviewMarket review

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PlatinumPlatinum

• Fundamentals remain firm

• Solid and growing demand in automotive sector

• Jewellery market down but resilient

• 2004 surplus, the first registered in six years

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Platinum supply and demand (000oz)Platinum supply and demand (000oz)

14575-125-415Balance

7 1557 0256 590 6 665Total supply

7 0106 9506 7157 080Total demand

1 6451 6051 4651 625Industrial/Investment

2 2652 2102 5052 840Jewellery

3 1003 1352 7452 615Automobile

2005200420032002Calendar years

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PalladiumPalladium

• Usage in automotive sector increasing

• Penetration into Chinese jewellery market

• Growing supply and inventory caps prices

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Palladium supply and demand (000oz)Palladium supply and demand (000oz)

6701 045635260Balance

8 2458 7007 425 7 160Total supply

7 5757 6556 7906 900Total demand

2 8503 1202 3252 370Other

4 7254 5354 4654 530Automobile

2005200420032002Calendar years

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• Regional emission legislation

• Substitution of platinum by palladium

• Rest of world vehicle sales

Demand driversDemand drivers

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Operational reviewOperational review

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Group safety performanceGroup safety performance• Best-ever safety performance

0.139

0.065

0.1340.104

0.000

0.050

0.100

0.150

0.200

0.250

FY 2002 FY 2003 FY 2004 FY 2005

FIFR

Per million man hours

LTIFR

7.90

5.654.80

3.60

0

2

4

6

8

10

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FY 2002 FY 2003 FY 2004 FY 2005

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Impala PlatinumImpala Platinum

• Strategy to maintain production about 1.1 million Pt ounces per annum

• 30 years life of mine• Development of new shafts (16 and 20) has

begun• Capex of R6.6 billion, with combined full

production of 355 000 Pt ounces• Both in full production by September 2014

• New drilling technology roll-out in progress

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Impala Impala -- focus on costs through technologyfocus on costs through technology

• Roll-out of drill jigs

• FY05 20%

FY06 40% 100%

FY07 40%

• Potential for 5-10% improvement in overall mining efficiencies

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Impala Impala -- productivityproductivity

28.4

27.5

26.9 27.0

25.0

25.5

26.0

26.5

27.0

27.5

28.0

28.5

29.0

FY2003 FY2004 Est2005 BP2006

No.

of e

mp

loye

es ('

000)

30

35

40

45

Pt o

z p

er e

mp

loye

e

Employees Pt oz per employee

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Marula PlatinumMarula Platinum• Revised production build-up plan to 140 000 Pt

ounces by FY2009• Owner-mining with effect from 1 January• In terms of new mine plan

• Conversion to hybrid mining in the interim• Long-term plan to move to conventional mining

• Feasibility study on Merensky Reef to be undertaken• New drilling technology roll-out in progress

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Two RiversTwo Rivers• JV with ARM (45% stake)

• Capital expenditure of R1.2 billion

• Extensive trial mining already undertaken

• Plant commissioning in 2nd half 2006

• Full production in FY2008 at annual average of 120 000 Pt ounces

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Zimbabwean environmentZimbabwean environment• Requirements/constraints for expansion

• Security of tenure (special mining lease)• Confirmation of indigenisation legislation• Bilateral accord between South Africa and Zimbabwe• Government agreement on foreign currency accounts

• Economic assumptions• Zimbabwean dollar devalued to 9 000 to the USD• Revised formula for the calculation of export incentives

• Solid operational performances from both entities

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ZimplatsZimplats• Last known unexploited significant PGM deposit in world• Potential for staggered development to produce

• 450 000 platinum ounces per annum within 5 to 10 years • 1 million platinum ounces per annum within 10 to 15

years• Board has approved, in principle, expansion to 145 000 Pt

ounces, provided conditions precedent are met

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MimosaMimosa

• JV with Aquarius

• Current production in region of 70 000 Pt ounces

• Incremental expansion of 15 000 Pt ounces planned

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Aquarius PlatinumAquarius Platinum

• Shareholding of 20% in Aquarius SA

• Comprises Kroondal and Marikana operations

• Everest South project under construction with first production expected in FY2006

• Good contribution to IRS

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AmbatovyAmbatovy -- locationlocation

Process PlantMine site

Antananarivo

Johannesburg

RefineriesRichards Bay

MADAGASCAR

SOUTH AFRICA

ZIMBABWE

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AmbatovyAmbatovy -- a strategic investmenta strategic investment• 37.5% equity in the JV company for each of Implats

and Dynatec (third party off-taker 25%)

• Implats buy-in cost of $50m (paid to Dynatec who will re-invest in Project)

• Dynatec responsible for Madagascan operations

• Implats responsible for the construction, commissioning and operation of an enlarged refinery at Springs to treat 60 000 tpa nickel and 5 600 tpa of cobalt

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AmbatovyAmbatovy -- backgroundbackground

• Reserves – 125m tonnes grading 1.04% nickel and0.1% cobalt

• Production – 60 000 tonnes nickel and 5 600 tonnes cobalt per annum at steady state

• Project life – 27 years• Capital cost – $2.05 billion (assumes refinery in SA)• Operating cost - $1.66/lb; $0.67/lb after by-product credits• IRR of 16-25%

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Group Group capexcapex/potential investments/potential investments(R million)

0

500

1000

1500

2000

2500

3000

3500

4000

FY2004 FY2005 FY2006

Impala Marula Zimplats Mimosa Two Rivers Ambatovy

Potential investment

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Corporate issuesCorporate issues

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Corporate issuesCorporate issues

• Share buy-back programme

• BEE and transformation processes underway

• Wage negotiations

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Growth in platinum production Growth in platinum production –– current and proposedcurrent and proposed

000oz

0

500

1000

1500

2000

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08/9

Mine to market 3rd party processingLonplats Potential Zimbabwean expansions

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ConclusionsConclusions

• Good operational performance, especially at Impala

• While in the interim results announcement in February the company forecast a performance for the second half of the year to be similar to the first half, a softer rand, good operational performance and strong metal prices, particularly nickel, means results will be better than that

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