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Annual resultsAnnual resultsfor the year ended 30 June 2010

1

AgendaAgenda

» Overview

David Brown

2

a d o

» Market review

Derek Engelbrecht

» Performance review

David Brown

» Financial reviewa c a e e

Dawn Earp

» Conclusion

David Brown

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Key features Key features -- operationaloperational3

» Safety performance

unsatisfactory Production

» Gross refined platinum

production rose by 2% to

1.74 million ounces

» Group unit costs excluding

share based compensation up

11% R10 089 1200

1400

1600

1800Production

000 o

z

11% to R10 089

» Group capital expenditure

decreased by 34% to

R4.6 billion

1000

FY09 FY10

Key features Key features -- financialfinancial

» Revenue down 3% to R25.4 billion

(US$3.4 billion)500

Dividends

» Cost of sales increased by 6%

to R17.3 billion

» Gross profit declined 16% to

R8.2 billion

» Headline earnings per share 100

200

300

400

500

Cen

ts p

er s

har

e

decreased 22% to R7.86

» Final dividend of R2.70 per share;

R3.90 for the year

-

FY09 FY10

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5

Market reviewMarket reviewDerek Engelbrecht

OverviewOverview6

» Sales volumes and prices achieved

» 2009 – In review

» 2010 – Back on track

» Prospects for the year ahead

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Sales volumes by metalSales volumes by metal

FY2010FY2010 FY2009FY2009 % change% change

Platinum (000oz) 1 435 1 503 (5)

Palladium (000oz) 945 781 21

Rhodium (000oz) 228 180 27

Nickel (000t) 13 14 (7)

Average prices achieved Average prices achieved –– major metalsmajor metals

FY2010FY2010 FY2009FY2009 % change% change

Platinum ($/oz) 1 433 1 219 18($/ )

Palladium ($/oz) 376 263 43

Rhodium ($/oz) 2 149 3 517 (39)

Nickel ($/t) 18 981 12 995 46

Basket ($/Pt oz sold) 2 316 1 995 16

(R/Pt oz sold) 17 555 17 217 2

Exchange rate (R/$) 7.58 8.63 (12)

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2009 in review2009 in review9

Vehicle salesVehicle sales

000 units 20092009 20082008 % Change% Change

North America 12 616 15 880 (20.6)

Western Europe 14 966 15 379 (2.7)

Asia 22 913 18 688 22.6

Rest of World 13 376 16 051 (16.7)

Total sales 63 871 65 998 (3.2)

Total production 59 400 67 300 (11.7)

2009 in review2009 in review10

SGE volumesSGE volumes

kgs

10 000

15 000

20 000

25 000

30 000

-

5 000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 2009

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2009 2009 in reviewin review11

NymexNymex/TOCOM /TOCOM -- PlatinumPlatinum

800

1 200

1 600

2 000

000 o

z

-

400

NYMEX TOCOM

2009 in review2009 in review12

NymexNymex/TOCOM /TOCOM -- PalladiumPalladium

600

800

1 000

1 200

1 400

1 600

1 800

000 o

z

-

200

400

NYMEX TOCOM

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2009 in review2009 in review13

Platinum ETFsPlatinum ETFs

200

300

400

500

600

700

800

000 o

z

-

100

200

Jan-09 Apr-09 Jul-09 Oct-09

ETFs ZKB

Dec -09

2009 2009 in reviewin review14

Palladium ETFsPalladium ETFs

450

600

750

900

1 050

1 200

1 350

000 o

z

-

150

300

Jan-09 Apr-09 Jul-09 Oct-09

ZKB ETFs

Dec -09

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2010 2010 –– Back on trackBack on track15

Auto production Auto production –– major marketsmajor markets

HH1 20101 2010 H1 2009H1 2009 % Change% Change

North America 5 758 3 546 66.6

Western Europe 6 785 5 631 20.5

Asia 17 479 12 318 41.9

Rest of World 6 049 5 023 20.4

Total production 36 071 26 429 36.5

Total sales 35 204 30 518 15.4

PlatinumPlatinum

000 000 ozoz 2010 2010 EstEst 20092009 20082008

Demand Automotive 3 350 2 950 3 830

Jewellery 2 145 2 410 1 355

Industrial 1 395 1 230 1 755

Investment 550 650 425

Total 7 440 7 240 7 365

Supply SA 4 765 4 580 4 485

Recycle 900 850 970Recycle 900 850 970

Russia 800 775 800

Other 805 925 1 075

Total 7 270 7 130 7 330

Supply/Demand Balance (170) (110) (35)

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PalladiumPalladium

000 oz000 oz 2010 2010 EstEst 20092009 20082008

Demand Automotive 4 710 4 170 4 940

Other 3 740 3 365 3 620

Total 8 450 7 535 8 560

Supply SA 2 525 2 470 2 355

Recycle 1 420 990 1 085

R i 3 135 3 765 3 750Russia 3 135 3 765 3 750

Other 1 065 980 1 180

Total 8 145 8 205 8 370

Supply/Demand Balance (305) 670 (190)

RhodiumRhodium

000 oz000 oz 2010 2010 EstEst 20092009 20082008

Demand Automotive 718 682 759Demand Automotive 718 682 759

Industrial 148 113 136

Total 886 795 895

Supply SA 668 642 582

Recycle 200 185 222

Other 108 101 106Other 108 101 106

Total 976 928 910

Supply/Demand Balance 110 133 15

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ProspectsProspects

» Economic growth will continue but at a

measured pace

19

measured pace

» Jewellery growth will remain steady

» Supply challenges and under-investment

will haunt the market

» Platinum market will continue in deficit

» Palladium market moves into deficit

» Investor outflows will signal return to

risk/growth

20

Performance reviewPerformance reviewDavid Brown

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Group safetyGroup safety

Fatal injury frequency rateFatal injury frequency rate Lost time injury frequency rateLost time injury frequency rate

21

0.06

0.12

0.10

0.08

0.12

0.05

0.10

0.15

ion m

an h

ours

) 3.41 3.48

2.92 2.92

4.61

2.00

4.00

lion m

an h

ours

)

0.00

(per

mill

0.00(p

er m

il

Bradley Curve FY2010Bradley Curve FY2010

DuPont’s assessmentof Impalaof Impala

1 2 3 4 5

Reactive Dependent Independent Interdependent

Natural Instinct Supervision Self-Empowerment Teams

Edict Control Acceptance Compliance Commitment Dedication

1 2 3 4 5

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SafetySafety

» The way forward

23

- Our vision remains zero harm

- Our initial goal remains zero

lost-time injuries in every area

- Safety training

Visible safety behaviour- Visible safety behaviour

ProductionProduction24

231 1 741

1 800

2 000 Contribution by entity

871 68

154 94

135

188

400

600

800

1 000

1 200

1 400

1 600

000 o

z

-

200

400

Impala Marula Zimplats Mimosa Two Rivers

Third Party

Toll Total

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Future production growthFuture production growth25

2 000

500

1 000

1 500

000 o

z

-

500

FY10 FY11 FY12 FY13 FY14 FY15

Impala Marula Zimplats Mimosa Two Rivers IRS

Group unit cost per platinum ounceGroup unit cost per platinum ounce26

49690 10 089

10 000

10 500

9 129

374 9 592

8 000

8 500

9 000

9 500

0 000

R/o

z

7 000

7 500

FY2009 Inflation Volumes Other FY2010 "Normalised"

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Unit cost per platinum ounceUnit cost per platinum ounce27

14 208 14 000

16 000

R/P

to

z

8 559

11 730 11 740

9 454 8 830

10 003

7 614

9 018 8 463

4 000

6 000

8 000

10 000

12 000

-

2 000

Impala Marula Zimplats Mimosa Two Rivers

FY09 FY10

Cost strategy going forwardCost strategy going forward

In the current environment,

cost containment is fundamental

28

to the sustainability of the

company

The key focus areas to address this are:

» Production

» Productivity

» Cost saving initiatives

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Capital expenditureCapital expenditure29

698 127 13 4 554

4 500

5 000

3 435

281

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Rbn

-

500

1 000

Impala Marula Zimplats Mimosa Afplats Total

Capital projects Capital projects –– Impala RustenburgImpala Rustenburg

» 9 million platinum ounces

30

9 o p a u ou ces

» No acquisition cost

» No infrastructure cost

» Extension of existing operations

» Secure labour force

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Capital projects Capital projects –– Impala RustenburgImpala Rustenburg

ShaftShaft 2020 1616 1717

Cost (Rbn) 6.8 7.2 11.1

31

Cost (Rbn) 6.8 7.2 11.1

Completion date FY17 FY19 FY23

Full production (000 Pt oz) 150 000 180 000 180 000

First production date FY11 FY13 FY17

Project status

Shafts- Main- Ventilation- Refrigeration

CommissionedCommissioned

-

SunkSunk

-

50% sunk80% sunk93% sunk

Capital projects Capital projects -- ZimplatsZimplats

» Phase 2 Expansion Project

- Cost of $450 million

32

$

» Increases production by

90 000 ounces to 270 000

ounces of platinum

» Project has commenced and

is scheduled for completion

by 2014

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33

Finance reviewFinance reviewDawn Earp

Gross Gross profit movementprofit movement

1 844

12 000

14 000

9 762

1 102

1 2183 621

1 054

995 104

8 152

4 000

6 000

8 000

10 000

Rm

-

2 000

FY2009 Revenue volumes

Revenue Prices

Revenue Exchange

rate

Operating Cost

Share based compensation

Depreciation Metals Purchased

(incl change in stock)

FY2010

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Gross profit by Gross profit by entityentity

421

1 1888 000

9 000 8 152

5 368 16

1 159421

2 000

3 000

4 000

5 000

6 000

7 000

Rm

-

1 000

2 000

Impala Marula Zimplats Mimosa IRS FY2010

Headline earningsHeadline earnings

6 0156 000

6 500

263 842

1 610

792

4 718

3 000

3 500

4 000

4 500

5 000

5 500

Rm

2 000

2 500

3 000

FY2009 Gross profit Exchange gain Net finance income

Taxation and Other

FY2010

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Headline earningsHeadline earnings

5 285

6 000

1 274

3 444

2 000

4 000

Rm

730

-

H1 FY2009 H2 FY2009 H1 FY2010 H2 FY2010

Movement in cash net of debt Movement in cash net of debt

6 000

7 000 5 918 4 412

1 363 H1: 2 440

H1: 2 211

1 730

H2: 3 478

H2: 2 201

2 000

3 000

4 000

5 000

Rm

781

1 202

718

-

1 000

Jun 2009 FY2009 dividend

Operating cash flow

Capex FY2010 int dividend

Other Jun 2010

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39

ConclusionConclusionDavid Brown

Implats’ scorecardImplats’ scorecard40

Safety Safety Production Unit cost control Zimbabwe Returns to shareholders

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ConclusionConclusion

» Implats has maintained a strong balance

sheetsheet

» Growth profile to 2.1 million ounces of

platinum by 2014 remains unchanged

» The group is positioned to benefit from the

positive medium- to long-term

f d t l f PGMfundamentals for PGMs

» Growth opportunities exist throughout the

group

ForwardForward--looking statementlooking statement

Certain statements contained in this presentation other than the statements of historical fact contain

forward-looking statements regarding Implats’ operations, economic performance or financial

condition, including, without limitation, those concerning the economic outlook for the platinum

industry expectations regarding metal prices production cash costs and other operating results

42

industry, expectations regarding metal prices, production, cash costs and other operating results,

growth prospects and the outlook of Implats’ operations, including the completion and commencement

of commercial operations of certain of Implats’ exploration and production projects, its liquidity and

capital resources and expenditure, and the outcome and consequences of any pending litigation or

enforcement proceedings. Although Implats believes that the expectations reflected in such forward-

looking statements are reasonable, no assurance can be given that such expectations will prove to be

correct. Accordingly, results may differ materially from those set out in the forward-looking

statements as a result of, among other factors, changes in economic and market conditions, success of

business and operating initiatives, changes in the regulatory environment and other government

actions, fluctuations in metal prices and exchange rates and business and operational risk

management. For a discussion on such factors, refer to the risk management section of the company’s

Annual Report. Implats is not obliged to update publicly or release any revisions to these forward-

looking statements to reflect events or circumstances after the dates of the Annual Report or to reflect

the occurrence of unanticipated events. All subsequent written or oral forward-looking statements

attributable to Implats or any person acting on its behalf are qualified by the cautionary statements

herein.

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Annual resultsAnnual resultsfor the year ended 30 June 2010

43