IMPALA PLATINUM HOLDINGS LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT              
  Impala Platinum Holdings Limited                                                
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1957/001979/06)                                            
  JSE Share code: IMP/IMPO                                                        
  LSE: IPLA                                                                       
  ADRs: IMPUY                                                                     
  ISIN: ZAE000003554                                                              
  ("the Company")                                                                 
  Further Cautionary Announcement                                                 
  Shareholders are referred to the cautionary announcement issued by the Company  
  on 18 September 2003 regarding the potential disposal of the Company"s 27,1%    
  shareholding in Eastern Platinum Limited and Western Platinum Limited.          
  Shareholders are advised that discussions are still in progress with Lonmin Plc 
  and other interested parties. Accordingly,  shareholders are advised to continue
  to exercise caution in their dealings in the Company"s shares until such time as
  a further announcement is made.                                                 
  Johannesburg                                                                    
  31 October 2003                                                                 
  Financial advisor                                                               
  UBS                                                                             
  Sponsor                                                                         
  Deutsche Securities (SA) (Proprietary) Limited                                  
  Date: 31/10/2003 02:00:02 PM Produced by the JSE SENS Department