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ANGLO AMERICAN PLATINUM ANGLO AMERICAN PLATINUM CORPORATION LIMITED CORPORATION LIMITED 2004 YEAR END RESULTS PRESENTATION 14 February 2005

2004 results presentation 2004 results presentation CEO overview • Improved earnings • Solid fundamental PGM demand • Robust business model being implemented • BEE compliance on track

2004 results presentation CEO overview Improved earnings • Headline earnings up 25,1% - R2,62bn • Headline earnings per share up 17,1%. R11,38 / share • Refined platinum production up 6,3%, 3,9% from mines • Overall unit costs up 9,2% • Rand basket price up 9,0% • Higher US$ metal prices and increased volumes partly offset by strong rand and higher costs

2004 results presentation CEO overview Solid PGM demand • US$ weakness – higher US$ platinum price • Solid industrial platinum demand and resilience in Chinese jewellery market – firm price • Sound palladium demand and consumption – flat price • Tight rhodium market – firm price to continue • Rand strength continues to dampen supply • Platinum market in balance

2004 results presentation CEO overview Robust business model • New management structure in place • Mining and process functions split • Operational focus and accountability • Well positioned for cost and efficiency improvements

2004 results presentation CEO overview Robust business model • Rand strength reduced project returns and operational profitability • Expansion implementation adjusted – 2005 – 2,6 million Pt ounces Capex R6 bn – 2006 – 2,7 to 2,8 million Pt ounces

2004 results presentation CEO overview BEE on track • Firm commitment to broad based BEE – Conversion process commenced – Several applications submitted – Partner relationships enhanced – Ongoing Government engagement

2004 results presentation Results features • Sound earnings and profitability • Growth in earnings, margins maintained • Balance sheet strengthened

2004 results presentation Financial overview Financial summary Year ended December 2004 2003 % Profit on metal sales Rbn 4,63 3,91 18,3 Total headline earnings Rbn 2,62 2,09 25,1 Net debt * Rbn 3,43 6,92 50,5 Headline earnings per share cps 1 138 972 17,1 Ordinary dividends cps 735 640 14,8 Refined Pt production 000 oz 2 453,5 2 307,8 6,3 Interest bearing debt to equity % 32,2 60,3 46,6 EBITDA - Interest cover 13,4 12,0 11,7 * Borrowings less cash and cash equivalents

2004 results presentation Financial overview Headline earnings (Rm) 2004 vs 2003 2 359 2 840 (390) 334 2 617 (261) 94 (1285) 2 092 (326) 2003 Exchange Inflation Metal Cash Amor Interest Volume 2004 prices costs tisation & Other

2004 results presentation Financial overview Gross profit margin* 60.0 50.0 40.0 30.0 % 20.0 10.0 - 2000 2001 2002 2003 2004 * Gross profit on metal sales / Gross sales revenue

2004 results presentation Financial overview Operating margin and volume per mine 50 50.0% AS 46,0% 45 45.0% WLTR RS 39,5% 40 40.0% 37,1% KPM PSA 35.0% 35 PPL 31,5% Operating Margin 29,3% 30.0% 30 Group average 27,8% 25 25.0% US LPM BRPM 20 20.0% 17,9% 23,0% 16,6% 15 15.0% 10.0% 10 5.0% 5. 0% RS UG2 Project Modikwa 0,5% 0,3% 0.0% 0. 0% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 Equivalent Pt oz (000's)

2004 results presentation Financial overview 2004 cash flows 8 000 4 260 (3 924) (5 459) 6 923 7 000 6 000 5 000 R m 4 000 667 3 429 (618) 1 580 3 000 2 000 1 000 - Dec 2003 Cash from Dividends Capex Preference Other Tax & Interest Dec 2004 Net Debt operations Shares Net Debt

2004 results presentation Mining overview

2004 results presentation Mining overview • Safety • Mining performance mixed • Increased production • Outlook

2004 results presentation Mining overview Safety • Commitment to safety • Wider implementation of behaviour based programme • Evolving mining safety standards to accommodate changing mining conditions • Production stopped for remedial action where necessary

2004 results presentation Mining overview Mining – key features • Challenging conditions: – Amandelbult – Union – Rustenburg steady state • Difficult ramp-up at Modikwa • Strong performances from: – Potgietersrust – Lebowa • Strike

2004 results presentation Mining overview Mining performance • Increased production – Platinum from mines up 3,9% • Overall mining grade stable • Cost pressure

2004 results presentation Mining overview Cost performance • Mining unit cost up 11,2% – Wage strike volume loss – Wage settlement above inflation – Mining issues at Amandelbult, Union and Rustenburg

2004 results presentation Mining overview Mining outlook • New management structure • Operational focus • Production growth in 2005

2004 results presentation Process and projects overview

2004 results presentation Process performance • Stable ACP performance – 20 tons per day SO 2 achieved – Fully commissioned • Waterval Smelter site rehabilitation • Polokwane Smelter – good overall performance • Tight cost control – reduction in unit costs • Solid process performance

2004 results presentation Projects overview • Project implementation adjusted • Ongoing re-scoping and review to improve returns • Reduced capex in 2005 – R6bn

2004 results presentation Projects overview Project progress in 2004 sound • Western Limb Tailings Phase 1 commissioned and at full production • Modikwa and BRPM volumes increased – additional development in place • Twickenham small scale mining continues • Kroondal construction on track • Unki project progressing • Feasibility studies continue – Pandora, Ga-Phasha, Der Brochen, Booysendal

2004 results presentation Cost performance Change in cash operating cost per equivalent refined platinum ounce (excluding purchased ounces and associated costs) 12,0% 12, 0% 10,0% 10, 0% 8, 8,0% 0% (% increase) 6,0% 6, 0% 4,0% 4, 0% 2,0% 2, 0% 0, 0,0% 0% CPI CP Am Amandelbul ult, Strike St Mining i Mi incr crea ease Proc ocess d ss decrease se Operat Op ating c cost 4,4% 4, 4% Unio ion R n Rustenbu burg rg 2,0% 2, 0% 11,2% 11, 2% 2,0% 2, 0% 9, 9,2% 2% 4, 4,8% 8%

2004 results presentation Group Outlook 2005 • Strategy to expand in line with increased demand remains • Rand strength to impact earnings and timing of project implementation • 2005 target – 2,6m Pt oz • Robust business model to deliver on costs and growth

2004 results presentation QUESTIONS 14 February 2005

ANGLO AMERICAN PLATINUM ANGLO AMERICAN PLATINUM CORPORATION LIMITED CORPORATION LIMITED 2004 YEAR END RESULTS PRESENTATION 14 February 2005