Signature of legal agreements6 Sep 2004
Implats - Signature of legal agreements; financial effects and withdrawal of    
          cautionary announcement                                               
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1957/001979/06)                                            
Share code: (`IMP/IMPO`)                                                        
ISIN: ZAE000003554                                                              
(`Implats`)                                                                     
Signature of legal agreements; financial effects and withdrawal of cautionary   
announcement                                                                    
1.   INTRODUCTION                                                               
In September 2003, Implats announced that it had signed a memorandum of    
     understanding with Lonmin Plc (`Lonmin`) regarding the sale of Implats`    
     27.1% stake in Eastern Platinum Limited and Western Platinum Limited       
     (collectively `Lonplats`) to Lonmin and a grouping of black empowerment    
consortia for US$800 million (`the Transaction`).                          
     The terms of the Transaction were progressed and in May 2004, a further    
     announcement was made stating that the Transaction comprised Implats       
     selling 9% of Lonplats to a consortia of historically disadvantaged South  
African`s (`HDSAs` ) for US$240.1 million and 18.1% to Lonmin for US$554.4 
     million, providing a gross disposal price for Implats of US$794.5 million. 
     As an indivisible part of the Transaction, Lonmin and the HDSAs will then  
     each sell 9% of Lonplats to a newly formed HDSA-controlled company -       
Incwala Resources (Pty) Limited.                                           
     To facilitate the Transaction and the establishment of Incwala Resources,  
     Implats will provide vendor financing of US$95 million to the HDSAs.       
2.   FINANCIAL EFFECTS                                                          
The following table has been prepared for illustrative purposes only and   
     sets out the unaudited pro forma financial effects of the Transaction based
     on the audited annual results of Implats for the year ended 30 June 2004.  
                                       `Before`      `After`  Percentage        
actual    pro forma      change        
                             Note       (cents)      (cents)         (%)        
     Earnings per share        1          44.50        44.30      (0.45)        
     Headline earnings per     1          39.66        39.46      (0.51)        
share                                                                      
     Net asset value per       2         160.48       217.58       35.58        
     share                                                                      
     Weighted average no       3     66 579 629   66 579 629                    
of shares                                                                  
     Ordinary shares in        4     66 621 177   66 621 177                    
     issue                                                                      
     Notes:                                                                     
1.   The `Before` column reflects the earnings and headline earnings per   
          share as extracted from the published audited annual financial        
          statements (`AFS`) of Implats for the year ended 30 June 2004. The    
          `After` column reflects the earnings and headline earnings per share  
as if the Transaction had been effective from 1 July 2003. In both the
          `Before` and `After` columns, the headline earnings per share is after
          adjusting for the profit on the disposal of Barplats Investments      
          Limited, amounting to R322.3 million.                                 
Accordingly, the `After` earnings and headline earnings per share are 
          reflected after the:                                                  
          *    elimination of the equity accounted earnings of Lonplats; and    
          *    inclusion of the after tax interest that would have been earned  
on the net cash proceeds of the Transaction.                     
          The US$95 million vendor financing to be provided by Implats to the   
          HDSAs is interest free for a period. (US$60 million bears interest    
          after year two for three years and US$35 million is interest free for 
five years). Had interest on such loans been factored into the        
          calculation in the `After` column, the small negative variance        
          reflected for both earnings and headline earnings would be eliminated.
     2.   The `Before` column reflects the net asset value per share extracted  
from the Implats AFS for the year ended 30 June 2004. The `After`     
          column reflects the net asset value per share as if the Transaction   
          was effective on 30 June 2004.                                        
          Accordingly, the `After` net asset value per share reflects the       
following adjustments:                                                
          *    the elimination of the carrying value of the Lonplats investment;
               and                                                              
          *     the inclusion of the gross disposal price for the Transaction.  
3.   The `Before` and `After` columns reflect the weighed average number of
          shares in issue for the financial year ended 30 June 2004.            
     4.   The `Before` and `After` columns reflect the number of shares in issue
          as at 30 June 2004.                                                   
3.   WITHDRAWAL OF CAUTIONARY                                                   
     Shareholders of Implats are no longer required to exercise caution in their
     dealings in Implats shares, with respect to the Transaction.               
4.   FURTHER NOTIFICATIONS                                                      
All parties have now signed final legal agreements subject only to certain 
     conditions precedent, including shareholder approval by Lonmin`s           
     shareholders for the Transaction, which are required to be fulfilled prior 
     to completion of the Transaction. Implats will publish an announcement in  
the press to notify its shareholders on the completion of the Transaction. 
Johannesburg                                                                    
6 September 2004                                                                
Sponsor                                                                         
Deutsche Securities                                                             
Member of the Deutsche Bank Group                                               
Date: 06/09/2004 11:00:07 AM                 
Produced by the JSE SENS Department