1

2

a very good year for Implats

best safety performance ever

headline platinum production up 5% to 1.815 Moz

record production at Impala of 1.115 Moz

costs at Impala held to a 5.3% increase per platinum ounce

sales revenue up 6% to R12.5 billion

net profit up 78% to R5.2 billion

headline earnings per share up 10% to R43.25

total dividend of R23.00 per share

2

3

earnings recover in FY2005

01,0002,0003,0004,0005,0006,0007,0008,000

FY01 FY02 FY03 FY04 FY05

have weathered the storm …. now highly geared to weaker rand

Heps (cents)

H1

H2H2

H2

Up 70%

H1

4

6,0006,5007,0007,5008,0008,5009,0009,500

10,00010,500

FY01 FY02 FY03 FY04 FY056007008009001,0001,1001,2001,3001,400

strong dollar metal prices

R/Pt oz $/Pt ozaverage basket revenue per Pt oz received

$ per oz up 15% , but R per oz up only 3%

3

5

growth fuelled by strong automotive diesel demand

surplus/deficit

000oz

price

$/oz

great platinum market fundamentals

-800-700-600-500-400-300-200-100

0100200300400

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY0701002003004005006007008009001000

6

palladium surplus continues

above-ground stocks cap price

-1,000

-500

0

500

1,000

1,500

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY070100200300400500600700800

surplus/deficit

000oz

price

$/oz

4

7

highly volatile rhodium market

tightening NOx legislation driving demand

-50

0

50

100

150

200

CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY0702004006008001,0001,2001,4001,6001,8002,0002,200

surplus/deficit

000oz

price

$/oz

8

robust nickel market

0.000

0.2000.400

0.600

0.8001.0001.200

1.400

1.6001.8002.000

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

growth in stainless steel demand supports fundamentals

Source: Brooke Hunt

‘000 tpa

committed expansionexisting supply consumption

5

financial review

10

income statement

78.12,9415,238net profit

54.54,1006,334 profit before tax

(0.2)(414)(415)royalty expense

(37.8)328204share of profit of associates

115.3(216)33net forex transaction gain/(loss)

(5.6)36%34%gross margin

(0.9)4,2604,223gross profit

10.2(7,549)(8,318)cost of sales

6.211,80912,541sales

% change FY2004FY2005Rm

6

11

net profit by entity

ramp-up phase(23)(105)Marula Platinum

Lonplats and Aquarius302114other

up 78%2,9415, 238net profit

Marula (850)impairment

sale of investments3223,227extraordinary items

up 9%2,6192,861headline earnings

managed exchange rates 268185Zimbabwean ops

exchange rate394466IRS

growth in volume & prices 1,6782,201Impala Platinum

FY2004FY2005Rm

12

cash flows

6363,981cash net of short-term debt

1,1873,984cash at year end

(1,138)2,797net increase in cash

(1,167)(2,503)from financing activities

(1,751)2,499from investing activities

1,7802,801from operating activities

FY2004FY2005Rm

7

13

group capex

0

1, 000

2, 000

3, 000

4, 000

5, 000

6, 000

FY 05 FY 06 FY 07 FY 08 FY 09 FY 10

sustaining capex expansion capex Ambatovy

Rm

operational review

8

15

0

0.05

0.1

0.15

0.2

FY01 FY02 FY03 FY04 FY05

best ever safety performance

02468

10

FY01 FY02 FY03 FY04 FY05

fatal injury frequency rate (per million man hours)

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

26%34%

injury rates have more than halved in four years

16

Implats compares favourably with peers

0

0.05

0.1

0.15

0.2

0.25

0.3

Rio Tinto BHPBilliton

Implats Xstrata AngloAmerican

PlacerDome

Noranda AngloGoldAshanti

GoldFields

fatal injury frequency rate (per million man hours)

9

17

sterling performance at Impala

41.41,1971,693capex (Rm)

2.227.526.9no of employees (000)

5.34,0364,251cost per Pt oz refined (R/oz)

2.31,0901,115refined Pt production (000oz)

0.915,63915,778tonnes milled (000t)

% changeFY2004FY2005

18

steady increase in efficiencies at Impala

mining efficiencies up 2.3% to 40.1m2/panel employee

Pt oz/employee up 4.5%

Mineral Processes – record throughput and recoveries

79808182838485

FY01 FY02 FY03 FY04 FY05

concentrator recoveries (%)

Refineries contributed another world-class performance

10

19

extending life-of-mine at Impala

30 year life-of-mine at 1.1Moz Pt

mining of abandoned areas

enhanced recoveries

opencast mining

conversion of previously non-profitable resources into reserves

16 and 20 shaft developments underway

to contribute 355,000 Pt oz per annum at full production

20

good start at 16 shaft

11

21

…. and at 20 shaft

22

steady improvement at Marula

505

13,300

574

FY2004

118

29,800

766

FY2005 % change

76.6capex (Rm)

124.1platinum production in concentrate (oz)

33.4tonnes milled (000t)

new mining plan to suit geological conditions

full production of 144,000 Pt oz in concentrate in FY2009

12

23

Marula – DDT stope implementation

24

sound operational performance atZimplats

Underground expansion approved (US$46 million)

Feasibility study for further expansion to 145,000 Pt oz

5,074

85,300

2,006

FY2004 % changeFY2005

6,249

86,800

2,058

(23.2)*cost per Pt oz in matte (R/oz)

1.8platinum production in matte (oz)

2.6tonnes milled (000t)

* Including export incentives, cost per Pt oz in matte increased by 10.9% to R5,627

13

25

excellent operational performance at Mimosa

Expansion to 80,000 Pt oz approved

4,199

61,400

1,334

FY2004 % changeFY2005

5,472

66,700

1,424

(30.3)*cost per Pt oz in concentrate (R/oz)

8.6platinum in concentrate (oz)

6.7tonnes milled (000t)

* Including export incentives, cost per Pt oz in matte increased by 17% to R4,289

26

project approval for Two Rivers

capital expenditure of R1.2 billionproduction of 2.2 million tpa to begin in late 2006full production of 120,000 Pt oz pa in late 200720-year LOM

14

27

exciting new venture at Ambatovy in Madagascar

$2.25 billion joint venture with Dynatec and Sumitomo Corporation

designed to produce 60,000 t nickel and 5,600 t cobalt

first production in 2009

detailed feasibility being undertaken, with decision to proceed by financial year-end

37.5% – experts in processing of laterite nickel deposits

37.5% – 30 years’ experience in nickel refining; infrastructural synergies

25% – guaranteed annual offtake of 30,000 t nickel for 15 years

28

consistent growth in Pt production

000oz

0

500

1,000

1,500

2,000

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

Mine to market 3rd party processingLonplats Zimbabwean expansions

15

29

sustaining output by investing in new shafts

continuing to deliver a competitive cost advantage by optimising

productivity

cost control

implementation of new technology (DDT) and systems (SAP)

delivering on growth

Impala, Marula and Two Rivers

Zimbabwe – blue sky

concluding BEE transactions and achieving conversions

key focus areas

30

prospects for Implats in FY2006

prospects for PGMs and nickel remain sound

consistent growth in production – 2.3Moz Pt targeted for FY2010

cost management remains a high priority

satisfactory wage settlement in South Africa

managed exchange rate in Zimbabwe

R/$ exchange rate marginally weaker than in FY2005

on the basis of current and expected exchange rates and metal prices, headline earnings are expected to

increase by 10-15%

16