Automotive sector the driver of future PGM demand PDAC March 2005 Bob Gilmour Overview

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1 Automotive sector the driver of future PGM demand PDAC March 25 Bob Gilmour Overview Review of platinum and palladium in 24 The driver of future pgm demand

2 Review of platinum and palladium demand and supply in 24 Platinum demand Automotive demand up 5% Another surge in European diesel car sales 5 45 Market Share % Source: Schmidt

3 Platinum demand Automotive demand (continued) Early compliance with new standards Euro IV Introduction of new standards Tier 2 in US Automotive sector Platinum demand 3, 2,5 2, (' oz) 1,5 1,

4 Jewellery down 12% Platinum demand Decline due to 25% drop in Chinese fabrication due to high price Shanghai platinum trade and price Shock-absorber in high price environment (kg) Jan Wk1 Jan Wk3 Jan Wk5 Feb Wk7 Feb Wk9 Mar Wk11 Mar Wk13 Apr Wk15 Apr Wk17 May Wk19 May Wk21 Jun Wk23 Jun Wk25 Jul Wk27 Jul Wk29 Jul Wk31 Aug Wk33 Aug Wk35 Sep Wk37 Sep Wk39 Oct Wk41 Oct Wk43 Nov Wk45 Nov Wk47 Dec Wk49 Dec Wk51 Dec Wk (RMB/g)

5 Platinum demand Jewellery 3, 2,5 2, (' oz) 1,5 1, Other up 7% Platinum demand Strong industrial demand led by the glass industry High price reduced investment demand

6 Platinum demand Industrial 1,7 1,6 1,5 (' oz) 1,4 1,3 1,2 1,1 1, Platinum demand 8, 7, 6, ( ' oz) 5, 4, 3, 2, 1, Automotive Jew ellery Other

7 Platinum supply 7, 6, 5, (' oz) 4, 3, 2, 1, South Africa Other Recycle Russian Sales Platinum supply / demand balance 2 1, 8 ( ' O z ) (2) (4) 6 4 Price ($ /o z ) (6) 2 (8) (Deficit)/Surplus Pt Price

8 Automotive up 5% Palladium demand Legislation as per platinum Substitution for platinum 6, 5, (' oz) 4, 3, 2, 1, Other up 3% Palladium demand Electronics and dental stable Surge in jewellery fabrication as Chinese diversify into palladium to improve margins

9 Palladium demand Other (' oz) 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, Palladium demand 9, 7, (' oz) 5, 3, 1, -1, Automotive Other

10 Palladium supply 1, 9, 8, 7, (' oz) 6, 5, 4, 3, 2, 1, South Africa Other Recycle Russian Sales Palladium supply / demand balance ( ' O z) 1,2 1, , Price ( $/Oz) (Deficit)/Surplus Pd Price

11 Driver of future demand PGM role in exhaust gas after-treatment treatment Platinum used for oxidation of hydrocarbons and carbon monoxide in both gasoline and diesel engines Palladium preferred metal for high temperature conversion of hydrocarbons Rhodium is unique in its ability in converting NOx to Nitrogen PGM s are unique in their durability in these hostile environments

12 Drivers of demand Platinum / Palladium / Rhodium Regional emission legislation Rest of world vehicle sales Platinum Drivers of demand Diesel emission control catalysts Further growth in European diesel car sales Palladium Substitution of platinum in gasoline engines Rhodium NOx control in gasoline engines

13 Emission legislation Continuous tightening of existing standards worldwide Adoption of standards in other countries Spread of legislation to off-road and marine Stricter legislation EU light-duty gasoline emission limits 1.2 Emission Limits [g/km] Euro I Euro II Euro III HC + NOx [HC + NOx] HC NOx CO/1 Euro IV

14 US heavy duty emission standards Standards for NOx are phased in After treatment needed from HC & NOx Emission Limits [g/bhp*hr] HC NOx PM PM Emission Limits Rhodium NOx is focus of Tier 2 and Euro IV NOx Emission Limits [g/mi] Euro III NLEV (TLEV) NLEV (LEV,ULEV) Euro IV Tier 2 8% less

15 Growth in vehicle sales Rest of world vehicle sales set to grow strongly Platinum Current diesel emission control catalysts Requires use of oxidation catalyst to convert hydrocarbons and carbon monoxide Optional use of particulate filters to eliminate soot Oxidation Catalyst

16 Future diesel emission control catalysts New emission standards require after-treatment for reduction of Particulate matter NOx emissions Particulate matter Diesel particulate filters are devices used to trap soot particulates and oxidize them

17 Particulate Filter Flow-through Wall-flow Diesel particulate filter technology Oxidation catalyst Diesel particulate filter

18 NOx Emissions NOx traps (absorbers) Selective catalytic reduction (SCR) NOx traps Absorbs NO 2 during storage mode and subsequently reduces it to nitrogen Oxidation catalyst required downstream to convert unburned fuel Oxidation Catalyst Filter HC injection NOx Trap Oxidation Catalyst Exhaust flow Removal of HC, CO, PM Removal of NOx Removal of HC, CO

19 Pros NOx traps Compliance with Environmental Protection Agency (EPA) tamper proof Cons Durability Tolerance to sulphur contamination Selective catalytic reduction (SCR) Proven method used since 198 in stationary applications System uses urea to reduce NOx to nitrogen Oxidation catalyst Filter Urea injection SCR Oxidation catalyst Exhaust flow Removal of HC, CO, PM Removal of NO x Removal of NH 3

20 Pros Selective catalytic reduction (SCR) Can meet ultra-low NOx limit Allows improved fuel economy Cons EPA has no clear regulatory control over urea compliance in USA Lack of urea infrastructure Pros Can meet ultra-low NOx limit Allows improved fuel economy Cons EPA has no clear regulatory control over urea compliance in USA Selective catalytic reduction (SCR) Lack of urea infrastructure

21 Palladium Substitution of platinum in gasoline engines Palladium is being used to a substitute for platinum due to its lower cost Shift of palladium demand to gasoline 6, 5, PGM Demand ['s ozs] 4, 3, 2, 1, Pt Pd

22 Rhodium NOx control in gasoline engines Rhodium is the only metal which selectively reduces NOx to nitrogen Rhodium NOx is focus of Tier 2 and Euro IV NOx Emission Limits [g/mi] Euro III NLEV (TLEV) NLEV (LEV,ULEV) Euro IV Tier 2 8% less

23 Platinum Implications for PGM s Strong growth from heavy duty vehicles and diesel cars could boost demand in this segment close to 1 million ounces by the end of the decade Palladium Aided by strong Asian vehicle sales, demand set to exceed its previous peak of 5.5 million ounces Rhodium Increased loadings in response to stricter legislation is forecast to result in demand reaching 9, ounces by 21 Platinum supply / demand (' Oz) 2 1 (1) (2) (3) (4) (5) $ Price ($/oz) (Deficit)/Surplus Pt Price

24 Palladium supply / demand ( ' Oz) (2) (4) (6) (8) $ Price ( $/Oz) (Deficit)/Surplus Pd Price Rhodium supply / demand ( ' O z) (2) (4) $ , 1,8 1,6 1,4 1,2 1, P rice ($ /O z ) (Deficit)/Surplus Rh Price

25 Automotive sector the driver of future PGM demand PDAC March 25 Bob Gilmour Disclaimer The content of this presentation is for information purposes only and is not intended to serve as financial, investment or any other type of advice. This presentation may contain certain forwardlooking statements concerning Implats' operations, economic performance and financial condition, and plans and expectations. These statements, including without limitation, those concerning the economic outlook for the platinum group metals (PGM) industry and market, expectations of PGM prices, production, the commencement and completion of certain exploration and production projects, may contain forward-looking views. Such views involve both known and unknown risks, assumptions, uncertainties and other important factors that could materially influence the actual performance of the company. No assurance can be given that these will prove to be correct and no representation or warranty express or implied is given as to the accuracy or completeness of such views or as to any of the other information on this presentation. Implats' future results may differ materially from past or current results, and actual results may differ materially from those projected in the forward-looking statements.

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