1

2

Highlights Keith Rumble

Financials David BrownOperations and

corporate issues Keith RumbleMarket Derek EngelbrechtConclusion Keith Rumble

Overview

2

3

Key features

• Platinum production increases significantly

• Rand appreciation causes decline in basket price

• Impala unit costs well-contained

• Net profit decreases to R1.1 billion

• Continued improvement in safety

• Sale of Lonplats stake progressing

4

Refined platinum production

100-206Lonplats

397731 075Total

2986111Metal returned

12773869Headline production

15126145Metal purchased

9561613Mine-to-market

% changeFY2003Interim

FY2004Interim

000oz

3

5

Platinum production

103154Other and toll refining

228529Impala Refining Services

7731 075Total platinum production

-206Lonplats

6689Aquarius Platinum

826Mimosa Platinum

3538Zimplats

1616Barplats

545546Impala Platinum

FY2003Interim

FY2004Interim

000oz

6

Sales volumes

13.66.67.5000 tNickel

3.099102Rhodium

9.6344377Palladium

13.0677765000 ozPlatinum

% change

FY2003Interim

FY2004Interim

4

7

Metal prices

27.8553707$/ozPlatinum(37.5)312195Palladium (36.3)757482Rhodium36.07 0579 600$/tNickel

% change

FY2003Interim

FY2004Interim

(24.1)9 3537 099R revenue per Pt oz(29.4)10.097.12Exchange rate

7.6927997$ revenue per Pt oz

8

Revenue per platinum ounce received

850

900

950

1000

1050

1100

FY2002 FY2003 FY20040

2000

4000

6000

8000

10000

$/oz R/oz

$/oz R/oz

Interim

5

9

Contribution to revenue by metal

Interim FY2004Interim FY2003

68%9%

6%

10%7%

59%

17%

12%

7% 5%

Platinum Palladium Rhodium Nickel Other

10

Key ratios and margins

17

50

43

30

37

FY2003Interim FY2003

Interim FY2004

1422IRS

5635Impala lease area

4731Gross

Margins

3817Return on assets

4322Return on equity

Ratios

6

11

Share price performance

60

80

100

120

140

160

180

200

Jul-01 Dec-01 Jul-02 Dec-02 Jul-03 Dec-03MSCI EM Index ImplatsAnglo Platinum Lonmin

Indexed to 100

Source: UBS, Reuters

12

Financials

7

13

Headline earnings

SA cps

HEPS – 1 604 cpsDPS – 500 cps

0

1000

2000

3000

4000

5000

6000

7000

8000

2000 2001 2002 2003 2004

Interims Full year

14

Income statement (Rm)

(43.2)3 0351 722Profit from operations

(15.8)(3 376)(3 910)Operating expenses

(12.1)6 4115 632Sales

% changeFY2003FY2004Interim

(46.3)3 2091 724Profit before tax

59.9(394)(158)Royalties

(58.5)636264Share of associates

(47.3)2 0111 061Net profit

43.0(1 160)(661)Income tax expense

(47.3)3 0421 604Headline earnings per share

8

15

Sales variance analysis (Rm)

(35.3)(2 263)Exchange rate

9.0579Price

14.1905Volumes

(12.1)(779)6 4115 632Sales

%VarianceDec 2002Dec 2003Half year to

(13.5)(729)Exchange rate

7.5407Price

10.3558Volumes

4.42365 3965 632Sales

%VarianceJun 2003Dec 2003Half year to

16

Exchange rate

0

2

4

6

8

10

12

14

R/$

Jun 03 Dec 03Dec 020

2

4

6

8

10

12

14

Interims 04Interims 03

Exchange rate at balance sheet date

Average exchange rate achieved

R/$

29%

9

17

Operating expenses

(16)3 3763 910Total

61245(230)(Increase)/decrease in stock

(54)8441 303Metals purchased

(19)141167Other costs

(47)176259Amortisation

(13)202228Refining

(30)377490Concentrating and smelting

(6)1 5921 693On-mine operations

% changeFY2003 Interim

FY2004Interim

Rm

18

Contributions to net profit

1 061

(12)

(9)

14

75

150

200

643

FY2004Interim

FY2003 Interim

Rm

11Mimosa Platinum

17IRS

2 011Total

30Zimplats*

7 Barplats

34Aquarius Platinum

368Lonplats

1 544Impala Platinum Limited

* Elimination of unearned profit

10

19

Group capex

0

250

500

750

1000

1250

1500

1750

2000

FY2002 FY2003 FY2004

Impala Barplats Marula Zimbabwe

Rm

20

Operations and corporate issues

11

21

Implats – safety

Various safety initiatives are underway

• Tsiboga – on the look out

• Platinum safety rules• Fall of ground campaign and

ground control districts

22

Lost time injury frequency rate

0

2

4

6

8

10

12

14

1 2 3 4 52000 2001 2002 2003 2004Interim

Per million man hours

4.71

12

23

Fatal injury frequency rate

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

0.18

1 2 3 4 52004Interim

2003200220012000

Per million man hours

0.084

24

Impala – production

Mining• Production from decline levels coming on stream –

contributing 10% to overall production• Good progress with mechanised mining –

250 000 tonnes in interim period• Opencast production of 350 000 tonnes • 12N shaft to be completed February 2004

Concentrator• Tonnes milled up 1%• Recoveries up 2%

Smelter• Satisfactory performance - production up by 39%

13

25

UG2 plant

• Throughput has increased by 20% since start of project 30 months ago

• Recoveries up 4% following optimisationprogramme

• Introduction of new reagent suite

• Implementation of open-circuit high-grade re-grind milling

• Still investigating upgrading of cleaner circuit

26

Tailings scavenging plant

• Pilot tails scavenging plant tested in FY2003

• Full-scale high-energy flotation plant constructed at a cost of R48 million

• Commissioned in December 2003

• Will achieve an additional overall recovery of 1% (10 000 oz Pt annually)

14

27

Tailings scavenging plant

28

Impala – operating costs

• Unit costs increase by 8.4% - well contained• Higher than CPIX due to above inflation increase

in wages, steel prices and explosives• Labour costs constitute around 60% of total

8.43 6723 980(R/oz)- per Pt oz

7.5253272(R/t)- per tonne milled

8.52 0012 171RmTotal cost

% change

FY2003Interim

FY2004Interim

15

29

Efficiencies

474651Group tonnes per employee

4.14.44.7Group Pt oz per employee

404141Impala panel efficiencies ca/man

27 90028 40027 600Impala employees

FY2002FY2003FY2004Interim

30

Refineries performance

• Safety – zero lost time injuries in 24 months• Record refined platinum production • Unit costs at Refineries fall by 18%

Expansion• Phase 1 - capacity of 1.65Moz Pt; completed

in FY2003• Phase 2 - capacity of 2.0Moz Pt (R600 million)• Environmental permits in place• Completion date July 2005

16

31

Marula Platinum

• Commissioning of surface infrastructure going well

• Geological conditions proving more difficult • Development and stockpile build-up behind

schedule• FY2004 production of 16 000 oz Pt in

concentrate• Target remains 100 000 oz Pt

32

Marula Platinum

17

33

Zimplats

• Shareholding - 82%• Sale of BEE stake announced

Potential Pt production (000oz)

0

100

200

300

400

2004 2006 2008 2010

CurrentPhase 1

Phase 2

Phase 3

34

Mimosa Platinum

• Currently at annualised full production of 65 000 oz Pt

• One of the lowest cost producers in the world

• Phase 2 expansion being evaluated –potential doubling of output by 2007

18

35

Lonplats

• Transaction is still under cautionary

• Progressing sale of 27.1% holding

• Two pre-conditions

• Reasonable assurance on BEE credits

• Suitable financing arrangements

• Working towards agreement by end February 2004

36

The market

19

37

Platinum price

R/oz$/oz

300

450

600

750

900

Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-0330003500400045005000550060006500

$/oz R/oz

38

Platinum supply and demand

6 6206 550Total supply

(510)(345)Net deficit

7 1306 895Total demand

1 6701 610Industrial/investment

2 8452 625Jewellery

2 6152 660Automobile

Demand

20022003000oz

20

39

Overview – platinum market

• Price at a 24-year high in US dollars

• High and volatile prices impact on jewellery market

• Tighter emission legislation and further growth in diesel vehicle sales have supported demand

• Growth in RoW vehicle sales becoming a factor

• Heightened profile for fuel cell activity

40

Palladium price

0

100

200

300

400

500

600

Jul-01 Feb-02 Sep-02 Apr-03 Nov-030

1000

2000

3000

4000

5000

$/oz R/oz

$/oz R/oz

21

41

Palladium supply and demand

6 8956 625Total demand

7 1407 150Total supply

245525Net surplus

615605Other

770815Dental

980965Electronics

4 5304 240Automobile

Demand

20022003000oz

42

Overview – palladium market

• Fundamentals not supportive of current price levels

• High inventory levels

• Anaemic demand

• Speculative activity behind recent price rally

22

43

Other markets

Rhodium

• Drop in rhodium price reflects a market that is adequately supplied

Nickel• Rapid growth in stainless steel production

drives demand• Lack of new capacity in tight market will keep

pressure on prices in short to medium term

44

Conclusion

23

45

A multi-resource company

30%

4%64%

2%

Impala Marula Zimplats Mimosa

1999

69 Moz Pt 254 Moz Pt

2004

72%28%

BarplatsImpala

46

Production outlook

On target for 1.9 million ounces in FY2004

0

500

1,000

1,500

2,000

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06

Impala Growth Lonplats toll refining

000oz

24

47

Prospects

• Above inflation price escalations adversely affecting business performance

• Similar profitability expected in second half of year, dependent on rand basket prices

• Well-positioned for expansion