Share Incentive Scheme16 May 2005
Impala Platinum Holdings Limited - Share Incentive Scheme                       
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
Registration No. 1957/001979/06                                                 
Share code: IMP/IMPO                                                            
ISIN: ZAE 000003554                                                             
LSE: IPLA                                                                       
ADR`s IMPUY                                                                     
(`Implats` or `the company`)                                                    
Share Incentive Scheme                                                          
Implats has approved a new bonus plan for qualifying employees to replace the   
existing Share Incentive Scheme approved by shareholders.                       
Recent amendments to the tax legislation are aimed at taxing the full benefits  
arising from share incentive schemes at normal income tax rates.                
Consequently, Implats will not offer employees any further options under the    
existing Share Incentive Scheme, but will pay relevant employees a fully taxable
bonus based on the increase in the share price. Employees` interests will still 
be aligned with those of shareholders, but without any dilutionary effect.      
The rules governing the quantum and timing of benefits to be delivered to       
employees under the new bonus scheme will be no different from those under the  
existing Share Incentive Scheme.                                                
16 May 2005                                                                     
Cathie Markus                                                                   
+27 11 481 3925                                                                 
Bob Gilmour                                                                     
+ 27 11 481 3913                                                                
Ilse Meiring                                                                    
+ 27 11 481 3943                                                                
Date: 16/05/2005 02:30:03 PM        
Produced by the JSE SENS Department