1

Interim Results

15 February 2007

2

0

300

600

900

FY06 H1 FY07

Key features - financial

• Sales revenue up 88% to R14.9 billion (US$2.1 billion)

• Gross profit up 112% primarily on higher metal prices

• Headline earnings per share up 135% to R8.24 per share

• Interim dividend of R2.75 per share

• Dividend cover lowered from 1.9 to 1.7 times cover

HEPScps

H1

H2

H1

H1

H2H1

2

3

Key features - operational

• LTIFR improved by 4%

• Gross platinum production rose by 8.5% to 1.018 million ounces

• Group gross margin at 47%

• Group unit costs up 20% due to lower production at Impala Lease

• Group capital expenditure of R1.4 billion

Gross refined platinum production

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

H1 FY06 H1 FY07

oz

4

Key features – corporate

• Agreement reached to convert RBN royalty to equity

• Binding transaction to acquire 29.9% of Afplats’ SA assets concluded

• Possible offer for Afplats plc

• Offtake agreements signed with Ridge Mining and Afplats

• 8:1 share split approved and implemented

• Market capitalization exceeded R120 billion for the first time

• Smelter expansion to support 2.8 million ounces of platinum approved

3

Financial review

6

Group income statement

R million H1 2007 H1 2006 % change FY2006Sales 14,860 7,920 88 17,500

Cost of sales (7,869) (4,615) (71) (10,185)

Gross profit 6,991 3,305 112 7,315

Profit before tax 6,269 2,769 126 7,001

Tax (1,876) (943) (99) 2,616

DPS (cps) ordinary 275 125 120 400

(cps) special - 688 - 688

Net profit 4,347 1,815 140 4,345

HEPS (cps) 824 351 135 751

4

7

Headline profit by entity

15894413

261

1,842

4,347

1,579

0

1,000

2,000

3,000

4,000

5,000

H1 FY06 Impala IRS Zimbabwe Marula Other H1 FY07

Rm

Up 136%

8

Group cash flows

Cash at end of period

0

1,000

2,000

3,000

4,000

5,000

Dec 2005 June 2006 Dec 2006

Rm

5

9

Group capital expenditure

• Capex in excess of R13 billion planned over next five yearsRm

0

500

1,000

1,500

2,000

2,500

3,000

3,500

FY06 FY07 FY08 FY09 FY10 FY11Maintenance Expansion

Market review

6

11

Sales volumes by metal

H1 2007 H1 2006 % change FY2006

Platinum (000oz) 909 833 9 1,582

Palladium (000oz) 422 440 (4) 896

Rhodium (000oz) 108 93 16 193

Nickel (000t) 8.6 6.7 28 14.8

12

Prices achieved by major metals

H1 2007 H1 2006 % change FY2006

Platinum ($/oz) 1,164 911 28 988

Palladium ($/oz) 320 207 55 258

Rhodium ($/oz) 4,664 2,260 106 3,015

Nickel ($/t) 28,526 14,218 101 15,343

Exchange rate (R/$ - ave) 7.25 6.49 12 6.37

7

13

Contribution to sales revenue by metal

H1 FY06

62%8%

17%

8%5%

H1 FY07

7%

24%

12%6%

51%

Platinum Palladium Rhodium Nickel Other

14

Basket revenue per platinum ounce

6,000

8,000

10,000

12,000

14,000

16,000

18,000

FY03 FY04 FY05 FY06 H1 FY07600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400R/Pt oz $/Pt oz

$/Pt ozR/Pt oz

8

15

Platinum

• Diesel autocatalyst growth continues to drive demand

• Increasing diesel share of European light duty vehicles

• Growing demand for particulate filters

• Stricter emission legislation encompassing heavy duty vehicles

• Industrial demand remains robust

• Price sensitive jewellery sector declined – but necessary to balance

overall market

16

Platinum supply and demand

(150)

(100)(50)

0

50

100150

200

CY03 CY04 CY05 CY06 CY070

200

400

600

800

1000

1200

(Deficit)/Surplus Pt Price

000 oz Price ($/oz)

Forecast

9

17

Palladium

• Autocatalyst demand grew further

• Tighter emission legislation in countries outside North America,

Europe and Japan

• Growth in vehicle sales

• Jewellery demand fell

• Inventory draw-down

• Increased recycling

18

Palladium supply and demand

0

300

600

900

1200

1500

CY03 CY04 CY05 CY06 CY070

100

200

300

400

Surplus Pd Price

000 oz Price ($/oz)

Forecast

10

19

Rhodium supply and demand

(50)

(20)

10

40

70

100

CY03 CY04 CY05 CY06 CY070

1000

2000

3000

4000

5000

(Deficit)/Surplus Rh Price

000 oz Price ($/oz)

Forecast

Group operational review

11

21

Safety

Fatality Frequency Rate

0.1390.128

0.104

0.0630.069

0.000

0.050

0.100

0.150

FY03 FY04 FY05 FY06 H1 FY07

(per

mill

ion

man

hou

rs)

Lost Time Injury Frequency Rate5.65

4.80

3.573.41 3.26

0.00

2.00

4.00

6.00

FY03 FY04 FY05 FY06 H1 FY07(p

er m

illio

n m

an h

ours

)

22

Tonnes milled

000 t H1 2007 H1 2006 % change FY2006

Group* 10,714 10,394 3 20,197

Impala 8,526 8,555 0 16,441

Marula 739 463 60 971

Mimosa 833 764 9 1,532

Zimplats 1,032 995 4 2,019

* Group includes 50% of Mimosa

12

23

Refined platinum production

000 oz H1 2007 H1 2006 % change FY2006

545

29

37

46

Other IRS 361 249 45 529

Group 1,018 938 9 1,846

1,125(8)591

18 37

35

62

6 66

3 8945

Impala

Marula

Mimosa

Zimplats

24

Cost per platinum ounce

R/oz H1 2007 H1 2006 % change FY 2006(Refined) (22)

12Zimplats (In matte) 7,050 6,760 (4) 6,458

(4)

(20)

(In concentrate)

4,604

9,443

5,133

4,912

(In concentrate)

Group* (Refined) 5,647 4,690

5,369

8,235

4,919

4,398

9,397

4,721

Impala*

Marula*

Mimosa

* Excluding share based payments

13

25

Operating margins

% H1 2007 H1 2006 % change FY2006

63

53

73

47

IRS 11 15 (29) 14

Group 47 42 13 42

532650

34 42

49

55

50 53

- 19(1)

Impala

Zimplats

Mimosa

Marula

26

Impala

14

27

Impala

• Fatality rate deteriorated

• LTIFR improved marginally

• Grade marginally up at 3.82 g/t (4.67 g/t 6PGE)

• Recoveries down 1.8% on lower Merensky volumes and grade

• Refined platinum down 7.8% at 545,000 ounces

28

Platinum production comparison

571

526 526535

545

20

259

10

155

480

500

520

540

560

580

600

H1 FY06 Merensky UG2 UG2 Opencast H1 FY07

Reclaim

Grade

Tonnage

Recoveries

000 oz

15

29

Solutions and timeframes

End March 2007

June 2008

End March 2007

• 11 Shaft

People and logistics

• 12 Shaft

Panel re-establishment

• 14 Shaft

Partial mine layout redevelopment

• Additional issues

In-stope roof bolting

DDT’s

Skills shortage

30

Marula

16

31

Marula

• Excellent safety performance

• Ramp-up to full production on schedule

• Tonnes milled 60% higher at 739,000

• Grade 2% higher at 4.06 g/t (6PGE)

• Platinum production in concentrate up 76% to 33,200 ounces

• Unit cost per platinum ounce 12% lower mainly due to higher volumes

• Conversion to conventional mining ahead of schedule

32

Zimplats

17

33

Zimplats

• Excellent safety performance

• Platinum production in matte up 6% at 46,100 ounces

• Unit cost per platinum ounce increased by 4% to R7,050/oz

• Portal 2 underground mine at full production and completed well under

budget

• Pebble crusher has been commissioned and throughput increased

• Phase 1 expansion to 160,000 ounces of platinum commenced

34

Mimosa

18

35

Mimosa

• Safety disappointing

• Tonnes milled up 9%

• Platinum production up 5% at 38,400 ounces

• Unit costs per platinum ounce increased by 4% to R4,919/oz

• Phase V expansion to 100,000 ounces of platinum per annum

commenced

36

Two Rivers

19

37

Two Rivers

• Plant fully operational after initial commissioning problems

• Produced 31,000 ounces of platinum in concentrate in first six months

• Ramp-up to full underground production back on track following

industrial action

Corporate issues

20

39

Corporate issues

• RBN royalty transaction replaced IRS transaction

• Shareholder approval received

• Awaiting promulgation of the Amendment to Income Tax Act

• Approval by Minister of Land Affairs outstanding

• Applications for conversion of mineral rights remain work in progress

Prospects

21

41

Prospects

• Robust PGM market

• Increase in production to 2.3 million platinum ounces by FY2010

on track

• Smelter expansion to support 2.8 million ounces

• Significant further upside potential in Zimbabwe

• Safety, volumes and grade management remain operational priorities

• Highly cash generative

• Excellent dividend yield

One Team, One Vision … With Pride