Today s presentation

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1 1 Today s presentation Implats Overview of results Market review Financial analysis Review of operations and expansion projects Corporate issues Prospects Barplats Review of operations 2 1

2 OVERVIEW OF RESULTS Good operational performance Dollar basket price steady Production growth on track Strengthening rand has negative impact on results 3 Key features Revenue up 21% to R6 411 million Unit cost increases held at 9.6% for Impala Lease Area Operating income up 18% to R3 billion Balance sheet translation losses of R211 million as a result of strengthening rand Attributable income of R2 billion Headline earnings per share R30.42 Interim dividend R9.00 per share 4 2

3 Share price performance 750 Outperformed JSE Mining Index by 10% Outperformed JSE ALSI40 by 11% 400 Dec-01 Feb-02 Apr-02 May-02 Jul-02 Sep-02 Oct-02 Dec-02 Implats ALSI Mining Index Source: Reuters 5 Key ratios (%) Return on equity Return on assets FY FY Margin Gross Impala Lease Area IRS FY FY

4 Implats refined production FY03 FY02 Variance % Platinum (000oz) Palladium Rhodium Nickel (tonnes) PGMs (000oz) Platinum sales ( 000oz) FY03 FY02 Variance % Mine to market Metals purchased 3 rd party Metals returned (86) (83) (4) Metal available for sale

5 THE MARKET Resilient platinum overshadows weaker palladium and rhodium markets 9 Average metal prices achieved FY03 FY02 Variance % Platinum ($/oz) Palladium (22) Rhodium (40) Nickel ($/tonne) Revenue per Pt oz sold ($/oz) (R/oz) (1)

6 Platinum price ($/oz) Auto sales robust Growth in diesel vehicle sales continues in Europe Chinese jewellery demand still robust, but high prices could have an impact Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan Platinum supply and demand ( 000oz) (forecast) Automobile Jewellery Industrial Investment Total demand Total supply Net supply deficit (170) (375) (65) 12 6

7 Palladium price ($/oz) Consumer de-stocking and substitution, coupled with plentiful supply impacts price Price differential to platinum will attract additional auto usage Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan Palladium supply and demand ( 000oz) (forecast) Automobile Electronics Dental Other Total demand Total supply Net supply surplus

8 Rhodium price ($/oz) 2500 Producer selling keeps metal under pressure Demand stable supply growth = price weakness Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan Outlook Platinum Outlook for platinum remains positive, supported by fundamental demand Short-term price fuelled by uncertain timing of new production and speculative activity Palladium Swing back by automotive industry in long term as users encouraged by price and supply Rhodium Remains vulnerable to oversupply in the longer term 16 8

9 FINANCIAL REVIEW Solid performance 17 Income statement R million FY03 FY02 Variance % Turnover Cost of sales (24) Operating income Other income/expenses (236) 231 (202) Income from associates Royalties (394) (338) (17) Income before taxation Taxation (14) Attributable income (8) 18 9

10 Sales revenue variance analysis R million Half-year December 2001 Volumes Price Exchange rate Half-year December (165) Exchange rate R/$ R/$ Dec 01 Jun 02 Dec 02 0 Interims 02 Interims 03 Exchange rate at balance sheet date Average exchange rate achieved 20 10

11 Implats group cost of sales (Rm) FY03 FY02 Variance % On-mine operations (27.3) Processing (26.6) Refining (17.6) Amortisation (26.3) Other costs (80.7) Metals purchased Change in stock 45 (233) (119.2) Total (24.1) 21 Cash in hand at end of period R (m) R3 150m R2 319m R974m Dec-01 Jun-02 Dec

12 Capex R (m) R1 250m H2 H1 FY02 R1 853m H2* H1 FY03 * forecast 23 REVIEW OF OPERATIONS AND PROJECTS Platinum production rises by 14%, exceeding growth objectives despite disappointing performance from Barplats 24 12

13 Platinum production (000oz) FY03 FY02 Variance % Platinum Impala Lease Area Impala Refining Services Barplats Zimplats/Makwiro 35 1 Mimosa 8 8 Aquarius Other 17 5 Toll refining (metal returned) Total platinum IMPALA LEASE AREA Good operational performance with a 7.5% increase in platinum production 26 13

14 Safety FY03 FY02 Variance (%) Fatal accidents LTIFR All injury rate Per million man hours Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov

15 Success of FOG campaign Before GCDs After GCDs Num ber Aug-01 Sep-01 Oct-01 Jun-02 Jul-02 A ug-02 Sep-02 Oct-02 Nov-02 Dec Key features mining and processing Tonnes mined up by 9.6% 20 additional teams deployed underground Tonnes milled up 5% Recovery up 1% Unit cost increases well-contained 9.6% per Pt oz and 7.6% per PGM oz Decline projects on track 16 Shaft scoping exercise nearing completion 30 15

16 Efficiencies FY03 FY02 Variance % Centares per panel employee Centares per stoping team Key features - refining Excellent safety performance zero lost time injuries Unit costs increased by 4% - a real decrease of 8% Refinery expansion to 1.65Moz of platinum complete Scoping of next expansion to 2.5Moz of platinum underway 32 16

17 Technology update: processing Dryer Capital cost of R100 million Increased drying capacity to 2.5Moz Pt per annum 33 Technology update: processing Sulfacid plant Capital cost of R65 million 60% reduction in SO 2 emissions 34 17

18 MARULA PLATINUM Excellent progress at Marula Platinum as construction proceeds on time and within budget 35 Marula Platinum Plant construction begins Mine development starts Plant commissioning begins Mine stoping begins Full throughput Steady state August 2002 September 2002 September 2003 October 2003 March 2004 August 2004 Decline development progressing well Stockpile being built in anticipation of plant commissioning Steel construction has begun Steady state output of Pt ounces 36 18

19 BARPLATS Disappointing operational performance exacerbated by strength of rand 37 Barplats Tonnes milled down 32% Platinum in concentrate down 25% to ounces Cash costs up 24% Attributable loss of R17 million Minimal impact on Implats 38 19

20 STRATEGIC INTERESTS AND ALLIANCES Important contributor to earnings with attributable contribution to Implats of R443 million after tax 39 Implats - contribution by company (Rm) FY03 FY02 Variance (%) Zimplats/Makwiro 30 - Mimosa 11 - Aquarius 34 - Lonplats (4.0) Attributable income

21 Strategic interests and alliances Lonplats Attributable annualised production of Pt ounces Contract with IRS for processing of concentrates Aquarius Commissioning of Marikana ahead of schedule Everest South feasibility nearing completion Two Rivers Potential production of Pt ounces pa Tiso Capital empowerment deal 41 Strategic interests and alliances Zimplats/Makwiro Project ramping up Potential production of Pt ounces pa Potential expansion to Pt ounces pa under investigation Mimosa Ramp-up on schedule Potential production of Pt ounces pa 42 21

22 Corporate issues Gencor ADR programme HIV/AIDS delivery of ART through Impala Medical Plan 43 Implats empowerment scorecard Equity ownership Employment equity Training Social investment Affirmative procurement 19% units of production RBN Mmakau and community TISO Capital - Two Rivers 34% designated in management positions R80 m pa Blasting certificates Apprenticeships Learner mining officials Graduates 70% HDSA bursars R70 to R100m over next 5 years, largely on HDSA communities Spend on HDSA companies for interim period of R150m 44 22

23 Prospects 000oz 2500 Growth strategy remains on track 2Moz by FY02 FY03 FY04 F05 FY06 Mine to market 3rd Party Toll 45 Prospects Platinum market to remain firm, underpinned by sound fundamental demand Given current rand strength, earnings will be significantly down on 2002 levels 46 23

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