Implats is in the business of mining, refining and ...

1 11/23/201011 Investor presentationOctober 2010 Introducing ImplatsImplats is in the business of mining, refining and marketingplatinum group metals and associated base metalsand remains a PGM-focused producer11/23/20102 Introducing ImplatsOperations are located on the two prime platinum deposits The Bushveld Complex in South Africa The Great Dyke in ZimbabweGroup structureNote: Refined platinum ounces for FY2010 indicated above have been rounded for illustrative purposesImplats1 741 000 ozIRSToll treatment231 000 ozImpala871 000 ozMimosa94 000 ozZimplats154 000 ozTwo Rivers135 000 ozMine-to-marketManagedOperationsMarula6 8 000 ozMine-to-marketNon-managedOperationsGro upConcentrate/MattePurchase contracts451 000 oz100%73%87%50%45%100%3rd PartyConcentrate/MattePurchase contracts188 000 oz11/23/20103 Extensive mineral resources225 million attributable platinum ounces* as at 30 June 2010 - 57% in South Africa and 43% in ZimbabweImpala30%Marula3%Zimplats42%Mimo sa2%Afplats10%Two River1%Tamboti12%* Attributable Mineral Resources (inclusive of Mineral Reserves)Analysis of shareholdersGeographical distribution of shareholders as at 30 June 2010 South Africa55%United States23%United Kingdom10%Luxembourg4%Canada1%Other countries7%Source.

2 JP Morgan/Cazenove11/23/20104 Major PGM usesPlatinumPalladiumRhodiumAutomotiveCa talyst to control exhaust emissionsSpark plug tipsOxygen sensors in vehicle on-board diagnostic systemsCatalyst to control exhaust emissions (particularly hydrocarbon control)Oxygen sensors in vehicle on-board diagnostic systemsCatalyst to control exhaust emissions (essential for Noxcontrol)InvestmentSmall/large bars, coins, ETFs (exchange traded funds)Coins, ETFs (exchange traded funds)JewelleryFabricationFabricationAll oying agent platinum jewelleryWhitening agent in production of white goldElectroplating to give jewellery white finishFuel CellsElectrode coating in fuel cell stackFuel-processing catalystTailgas burnerTailgas burnerFuel-processing catalystPetroleumReforming and isomerisation for upgrading octane qualityHydrocracking to achieve higher yields7 Major PGM usesPlatinumPalladiumRhodiumChemicalGauz e for catalytic production of nitric acidProcess catalyst for producing bulk (PTA) and specialty chemicals (egsilicones)Catchment gauze to recover Pt and Rh in nitric acid productionProcess catalystsProcess catalysts, egproduction of ammonia (Kellogg process)

3 DentalHardener in dental alloysAlloying agentElectronicsAlloy coating for hard disks to improve storage capacityThermocouples to monitor temperature in steel, semi-conductor and glass industriesConductive paste in multi-layer ceramic chip capacitatorsConductive tracks of hybrid integrated circuitsSalts for plating processAlloyed with platinum in thermocouplesGlassProduction of LCD glassBushings for producing glass fibreSpecialty glassesGlass for TVs, monitors and cathode ray tubesGlass substrates for hard disksAlloyed with platinum in producing LCD glassAlloyed with platinum in bushings811/23/201059 Key strategiesKey objectives for ImplatsCost effective growth ..is a major objective for the group and embraces the following areas:- Safety, health and environment- Cost leadership- Capital delivery- Balance sheet management-People11/23/20106 Growth .. in both production and the resource base is key, not only in terms of ounces but in the realisation of valueKey areas of growth Exploration- Brownfields exploration around current mining operations- Greenfields has involved projects in Australia, Southern Africa, South and North America Organic growth- Growth derived from assets we own or have an ownership stake in - Afplats, Marula, Mimosa, Two Rivers and ZimplatsGrowth.

4 In both production and the resource base is key, not only in terms of ounces but in the realisation of valueKey areas of growth (continued) Acquisitions- Strategy is to evaluate all significant resource targets in terms of value Recycling- Remain a relevant player in this sector as it is set to grow11/23/20107 Growth .. in both production and the resource base is key, not only in terms of ounces but in the realisation of value million ounces of platinum by 2014 - 500 1 000 1 500 2 000FY10FY11FY12FY13FY14FY15 ImpalaMarulaZimplatsMimosaTwo RiversIRSS afety .. remains the group s highest priorityVision Zero HarmKey objective Zero tolerance with non-compliance to standards and procedures11/23/20108 Safety .. remains the group s highest priorityKey focus areas Creating and promoting a culture of safety - a broader approach that encompasses safety in all aspects of employee s lives Visible leadership- Management taking responsibility and leading by example Communication- Extensive use of media and support structures to reach all employees regardless of language or literacy Training- Increased frequency and intensity of behavioural-based training to refresh the message and address new recruitsSafety.

5 Remains the group s highest priorityKey challenges Employee Risk Behaviour Staff turnover Skills Health11/23/20109 Cost leadership .. ensures sustainability and competitiveness in the industryVision Industry cost leaderKey areas of focus Productivity- Significant efficiency improvements will be realised as new deep level shafts come on-stream Materials efficiency- Optimal usage Consumables- Leveraging our buying power Labour complements- Optimal headcountCost leadership .. ensures sustainability and competitiveness in the industryKey challenges Labour demands Utility costs Skills availability Health11/23/201010 Cost leadership .. ensures sustainability and competitiveness in the industryIndustry cash cost curve 2010 (cost per platinum ounce)(cash costs includes mining, processing, refining and other)Cost leadership .. ensures sustainability and competitiveness in the industryIndustry cash cost curve 2015 (cost per platinum ounce)(cash costs includes mining, processing, refining and other)11/23/201011 Capital delivery.

6 Provides for future cost efficient production All projects must deliver on time, on target and within budget Projects yield a rate of return greater than the weighted average cost of capital Capex of R5 billion in FY10 is expected to be higher in FY11 with big ticket items including Rustenburg and Zimplats Phase 2 expansion Over next 5 years 80% of capex will be spent on maintenanceCapital projects Impala Rustenburg 9 million platinum ounces No acquisition cost No infrastructure cost Extension of existing operations Secure labour force2211/23/201012 Capital projects Impala RustenburgShaft201617 Cost (Rbn) (m)1 1001 6002 000 Completion dateFY17FY19FY23 Full production (000 Pt oz)150 000180 000180 000 Production contribution (Pt oz)FY11FY12FY13FY1410 00030 00060 00090 000--30 00070 000----Project statusShafts-Main- Ventilation-RefrigerationCommissionedCom missioned-SunkSunk-50% sunk80% sunk93% sunk23 Capital projects - Zimplats Phase 2 Expansion Project- Cost of $450 million Increases production by 90 000 ounces to 270 000 ounces of platinum Project has commenced and is scheduled for completion by 20142411/23/201013 Balance sheet management.

7 Is an appropriate balance between return to stakeholders and building for future profit through investment and capital expenditure Inherent in this philosophy is:- Capital discipline- An acceptable level of debt taking cognisance of market conditions- Maintenance of dividend payments- Equity issuance has been avoided so enhancing return on equityPeople .. is attracting and retaining talented individuals who subscribe to the company s goalsApproach Holistic partnership between company and employeeKey initiatives Housing to uplift the living conditions of employees Ownership share incentive scheme that encompasses 98% of SA employees Talent management focuses on career progression, individual development, mentoring, succession planning, skills development and ABET Transformation focuses to attract, retain, educate, train, develop and promote PDI s Reward acknowledge quality output without compromising safety11/23/201014 Going forward.

8 Implats continues to focus on ensuring a stable production base in the short term, positioning itself for future growth as market fundamentals improve Improving market environment with sound medium to long-term prospects Approach to safety continues to be guided by our vision of zero harm Operational recovery at Rustenburg remains on track and will return the operation to 1 million ounces over 5 years Production target of million platinum ounces by 2014 supported by growth at Zimplats to 270 000 ouncesMarketPlatinum (000 oz)2010 Est20092008 DemandAutomotive3 2852 9503 830 Jewellery2 2452 4101 355 Industrial1 5051 2301 755 Investment470650425 Total7 5057 2407 365 SupplySA4 6054 5804 485 Recycle (Auto)1 010850970 Russia800775800 Other1 2409251 075 Total7 6557 1307 330 Supply/Demand Balance150(110)(35)11/23/201015 MarketPalladium (000 oz)2010 Est20092008 DemandAutomotive5 2004 1704 940 Other3 7403 3653 620 Total8 9407 5358 560 SupplySA2 5252 4702 355 Recycle1 4209901 085 Russia3 1353 7653 750 Other1 0659801 180 Total8 1458 2058 370 Supply/Demand Balance(795)670(190)MarketRhodium (000 oz)2010 Est20092008 DemandAutomotive748682759 Industrial148113136 Total896795895 SupplySA638672582 Recycle221185222 Other108101106 Total967958910 Supply/Demand Balance711631511/23/201016 Investing in ImplatsJohannesburg (JSE):IMPL ondon (LSE):IPLAU nited States(Level 1 ADR).

9 IMPUYF orward-looking statementCertain 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, 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.

10 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 PresentationJune 2010