1

MechanisedMechanised mining at 12 shaftmining at 12 shaft

Investor visit

1 Dec 2004

2

8

67A

7

1214

4

1110

5

2

9

1

IMPALA PLATINUM LIMITEDLEASE AREA SHOWING DECLINES

1 SD

14 D11 D

10 D

12 ND12 SD

Current Lease AreaThird Bafokeng AreaStoped out MerenskyDeclines in ProgressDeclines Planned

Operational ShaftsSurface Boreholes

N

E&F

Boschkoppies

2

3

SAFETYSAFETY

4

Safety resultsSafety results

0

5

10

15

20

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Target YTD Month

`

3

5

BUSINESS OVERVIEWBUSINESS OVERVIEW

6

Impala Impala vsvs mechanisedmechanised productionproduction

44%48%46%Cash margin (excl cap.)

4 3004 0004 023Cash cost/Pt oz (R)

307347280Cost/tonne (R)

Unit costs:

8%4%Contribution to production

MechanisedConventionalImpala

FY2005 – year to dateFY2004

4

7

Actual Actual vsvs plan 2005 plan 2005 -- TonnesTonnes profileprofile

50,000

250,000

450,000

650,000

850,000

1,050,000Ju

l

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Act B/Plan

8

PGM gradePGM grade

0

1

2

3

4

5

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Ap

r

May

Jun

Act B/Plan

5

9

FiveFive--year PGM profile: 12 Shaftyear PGM profile: 12 Shaft

01000200030004000

5000600070008000

3796 5998 6767 7128 7117

FY05 FY06 FY07 FY08 FY09

10

FiveFive--year year tonnestonnes profile:12 and 14 Shaftsprofile:12 and 14 Shafts

12%13%14%11%8%% of Impala

0

500000

1000000

1500000

2000000

2500000

1,023,608 1,859,000 2,200,000 2,103,000 1,920,000

FY05 FY06 FY07 FY08 FY09

6

11

12 Shaft Decline12 Shaft Decline

12

12 Shaft South Decline12 Shaft South Decline

7

13

Schematic Schematic –– 12 Shaft South Decline12 Shaft South Decline

15 L

16 L

17 L

18 L

19 L

20 L

LBConveyor C3

19L-20L Silos

No. 12 SHAFT

No. 12 Vent UC

On-Reef Conveyor

20 L

19 L

South

14

Schematic Schematic –– 12 North12 North Shaft DeclineShaft Decline

Silos

No. 12 North Shaft

20 L

19 L

North

No. 12 Shaft

15 L

16 L

17 L

18 L

19 L

20 L

LB

8

15

LAYOUTSLAYOUTS

16

BordBord--andand--pillar mining layoutpillar mining layout

22

44

12m6m

12m

4m

6m

18m6m

6m

DownDownDipDip

Main D

ipCo nvey or

Ma in D

ipCo nvey or

Strike Belt 1Strike Belt 1

11

33

South I ntak e Air w

aySo uth I ntak e A

ir way

No rth I ntake A

ir way

No rth I ntake A

ir way

9

17

MechanisedMechanised equipmentequipment

18

Slinging of equipment down 12 ShaftSlinging of equipment down 12 Shaft

10

19

LP singleLP single--boom boom drill rig drilling drill rig drilling a 12a 12--metre metre bordbord

Narrow reef equipmentNarrow reef equipment

20

Narrow reef equipmentNarrow reef equipment

LP Load haul LP Load haul dumper (LHD) dumper (LHD) cleaning a cleaning a 1212--metre metre bordbord

11

21

Strike conveyor beltStrike conveyor belt

22

Conveyor C4Conveyor C4

12

23

Conveyor C3Conveyor C3

24

WorkshopWorkshop

13

25

CLOSURECLOSURE

Mechanised mining at 12 shaft

Investor visit

1 Dec 2004