1

1

INTERIM RESULTSFEBRUARY 2002

2

Highlights

Sales volumes up 13%Solid operational performanceGrowth projects on track

Good performance as attributable income and headline earnings rise by 2.4%, despite

$ price market index decreasing by 35%

2

3

Interim headline EPS and DPS

30460

683

170

1 137

340

3 238

1 420

3 303

1 100

0500

100015002000250030003500

1997 1998 1999 2000 2001

EPS DPS

SA c

ents

4

Key ratios

71.0

82.6

57.2

FY 01

53.355.8Return on assets (%)

55.865.3Return on equity (%)

44.348.7Gross margin achieved (%)

FY 00FY 02Interims

3

5

Group structure

Implats

Impala Platinum

Winnaars-hoek

Barplats Aquarius Limited

Two Rivers Mimosa Lonplats

Impala Refining Services (IRS)

Zimplats

Toll refining

100% 100% 83% 10% 45% 15% 35% 27%

100%

6

Income streams

Implats’ attributable

income R2 192 m

Mining operationsR1 494 m (68%)

Impala Refining Services (IRS) Income from

processing 3rd party concentrates R315 m (14%)

Income from Lonplats

R383 m (18%)

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7

THE MARKET

8

Market overview

Impact of slowing economies counteracted by resilience in Chinese jewellery and

US/European car markets

5

9

Sales volumes

200300400500600700800900

1000

2000 2001Pt Pd Rh

000 oz +13% growth

Dec 2000 Dec 2001

10

Average price achieved for six months

(30.5)1 243864Basket price ($/oz)

(33.8)7 7325 122Nickel ($/ton)

(37.9)2 0431 268Rhodium ($/oz)

(44.5)718399Palladium ($/oz)

(17.7)572471Platinum ($/oz)

%Dec 00Dec 01

6

11

Platinum supply and demand

0

1000

2000

3000

4000

5000

6000

7000

1996 1997 1998 1999 2000 2001 2002

InvestmentIndustrialJewelleryAutomobileSupply

‘000

oz

Forecast

12

Palladium supply and demand

‘000

oz

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

1996 1997 1998 1999 2000 2001 2002

OtherDentalElectronicsAutomobileSupply

Forecast

7

13

Outlook

Fundamentals for platinum remain sound in medium to long term– Supported by auto and jewellery markets– South African expansions required to

balance market– Further upside – fuel cells, Indian jewellery

market and even stronger growth in ChinaFuture of palladium hinges in short term on Russian activity– Lower, more stable price scenario could

underpin demand

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FINANCIALS

8

15

Turnover

(1.5)5 3845 301Turnover%Dec ‘00Dec ‘01R million

898Exchange rate(1 642)Metal prices

661Sales volumes

83

16

Average R/$ exchange rate achieved

6.11

7.289.06

11.60

0

2

4

6

8

10

12

Dec-99 Dec-00 Dec-01 Current

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17

Income statement (1)

(16.4)2 3362 719Cost of sales(1.5)5 3845 301Turnover

%Dec ‘00Dec ‘01R million

Gross cash costs up 12.8%Impala cash costs rise 8.8%– Refining costs increased by only 4.4%

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Income statement (2)

2.42 1402 192Attributable income

(447)(338)Royalties

2.03 2383 303Headline EPS (cents)5749Gross margin (%)

1 1831 020Taxation

3 3213 217Income before taxation

22.9494606Income from Lonplats

31231Other income

(16.4)2 3362 719Cost of sales(1.5)5 3845 301Turnover

%Dec ‘00Dec ‘01R million

10

19

Capex

0

500

1000

1500

2000

2500

FY00 FY01 FY02

R783 m

R2 090 m

Rand (million)

R1 300 m

2nd half

1st half 1st half

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Dividend policy

Remains unchanged at 1.9 times cover on a proposed basisSplit remains approximately one-third payout at interimsCash balances reduced:– Provisional tax payment R1.3 billion– Acquisitions R750 million– Dividends FY 2001 R4.5 billion

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21

REVIEW OF OPERATIONS

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Impala Platinum - Safety

Three of four fatal accidents related to FOGDuPont implementing Behavioural Safety Management ProgrammeFive Platinum Rules implemented in January

00.050.1

0.150.2

0.25

FY98FY99

FY00FY01

FY02 in

terim

s

Pt industr

y ave

Ontario ben

chmark

Fatal injury frequency

rate

12

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Production

21.0143173Impala Refining Services

(1.7)516507Pt from Impala lease area

3.2659680Total platinum

%Dec ‘00Dec ’01‘000 oz

2.38688Toll-refining

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Impala Platinum – Mining operations

Tons milled down 3.8%Headgrade increase of 3%Unit cost/oz platinum up 9.6%– Wage increase of 9% (two-year

agreement)– Excluding increase in insurance costs

and promotional expenditureProductivity maintained at 42m2 per panel employeeSurface stockpile substantially reduced to date

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25

Impala Platinum - Processing and refining

Mineral ProcessesUG2 plant– Upgrade completed with 30% increase in

throughput– Recoveries marginally better than

pre-upgradeOverall metal recoveries up 2.8%

RefineriesGood performanceFirst-pass yields on all metals highest in the industry3% real reduction in unit costs

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Management of HIV/AIDS

Ongoing education and management programmesPrevalence level of 16-17% Focus on new recruits, surrounding communities

0

1400

2800

4200

5600

7000

8400

9800

11200

12600

14000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 20100%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

WORST CASE

BEST CASE

Actual Impala HIV data

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27

Crocodile River

Satisfactory safety performance - three lost time injuriesConcentrator recoveries improved to above 70%First underground ore by April 200222 000 oz platinum for half-year– on target

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Impala Refining Services

Continues to deliver excellent growthFirst concentrates from Messina in AugustFirst concentrates from Zimplats in December Autocatalyst recycling continues to growHigh return on investment

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Marula Platinum (Winnaarshoek)

New name through consultationMine plan and capex being finalisedTwo-stage build-up to capacityEMPR approved in DecemberStoping operations to commence in 2003Concentrator will be operational in 2004

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STRATEGIC INTERESTS AND ALLIANCES

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31

Aquarius

LOM contracts for additional concentrate from Kroondal and Marikana being finalised (140 000 Pt oz) Restructuring and refinancing of Aquarius SA expected by end Feb– Conversion of debt into equity raising

Implats’ stake – Subject to regulatory/shareholder

approval

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Lonplats

Attributable production to grow to 250 000 platinum oz by 2006Excellent contribution to cash flow

Stake now worth approximately R10 billion

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Two Rivers

Evaluation drilling in progressBulk sample extracted in January 2002Feasibility to be completed in second half of the yearExpected output of 100 000 platinum oz per annum by 2004

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Zimplats

77km Ngezi to Selous road completeFirst ore delivered to SMCSMC concentrator operationalProduction of 98 000 platinum oz by 2002

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Mimosa Platinum

Expansion project has commenced

Production increase to 68 000 platinum oz per annum by 2003

Good prospects for further growth

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Exploration/Development

Kennedy’s Vale (SA)Birch Lake JV (USA)Franconia Minerals Corporation (USA)River Valley (Canada)Cana Brava (Brazil)

Philnico (Philippines)– Project now closed out

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37

PROSPECTS

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Prospects

Given malaise in world economy, pgm market has remained satisfactory Outlook for platinum particularly soundDevaluation of Rand will have positive impact on earnings in second halfGrowth strategy – 2 million platinum oz by 2006

FY2002 earnings marginally below record levels of FY2001

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39

INTERIM RESULTSFEBRUARY 2002