Slide 1: Offer to Zimplats minority shareholders
ee sm HUI TTT Offer to Zimplats minority shareholders 1 August 2003 zimolal
Slide 2: * Overview of offer — David Brown, CFO, Implats
* Overview of offer — David Brown, CFO, Implats « Response to offer — Roy Pitchford, CEO, Zimplats = How to accept the offer
Slide 3: Offer to buy all of Zimplats shares for A$4.08 per share
Offer to buy all of Zimplats shares for A$4.08 per share « Implats is controlling shareholder of Zimplats and Makwiro = Offer recommended by independent directors and independent expert implats 50.53% Zimplats
Slide 4: Zimplats share price vs JSE Platinum Index
$4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 "ote gn May 03 ~ Absa Announcement Comparison between volume weighted average daily Zimplats Share prices and JSE Platinum index (calculated at closing ZAR / AUD exchange rate) $4.08 Offer Price [20 Nov 02 - Announcement of Offer Agreement, Jui-02 Sep-02 Nov
Slide 5: Offer Price premium
$4.50 $4.08 Offer Price $4.00 . 7% premium $3.50 175% premium premium _ $3.00 z $2.50 $2.00 $1.50 $1.00 4 30 day volume weighted average share price up 30 day volume weighted average share price up 30 day volume weighted average share price to announcement of the Offer Agreoment on 20 to the Absa An
Slide 6: Zimplats is not subject to any takeover laws
ni, Zimplats is not subject to any takeover laws November 2002 agreement between Implats and Zimplats Independent expert’s valuation estimates a value of between A$3.28 and A$4.76 per Zimplats share — mid-point of A$4.02 per share
Slide 7: Risks of not accepting the offer
ia an S S S S hare price may decline hares may be delisted hareholders may face further cash calls hareholders no longer protected by offer agreement No competing offer has been made or is expected
Slide 8: Offer is an unconditional cash offer
» Offer is an unconditional cash offer = Payment will be dispatched within five business days of receipt of valid acceptance = No brokerage fees or stamp duty
Slide 9: Independent directors unanimously recommend acceptance of the offer
7 The independent directors of Zimplats unanimously recommend acceptance of the offer
Slide 10: Independent directors' recommendation
iii Independent directors: « Consider the Implats offer fair and reasonable «= Recommend that, in the absence of a higher offer, you accept the offer « Intend to accept for all Zimplats shares held by them
Slide 11: Achievement of important objectives; Implats' interest has grown
« Achievement by Zimplats of important objectives, substantially increasing value of investment « Implats’ interest has grown » March 2001 — 15.03% from Delta Gold at A$1.25 per share = August 2002 — 21.05% from AurionGold (formerly Delta Gold) at A$1.90 per share = June 2003 — 14.82% from Absa at (
Slide 12: Venmyn Rand engaged in anticipation of offer
Venmyn Rand engaged in anticipation of offer * Concluded that offer is fair and reasonable Further expansion and development potential a material component of the value of Zimplats — considered in Venmyn Rand report * Economic platinum mining in Zimbabwe in infancy « Expansions will require signific
Slide 13: Your options: accept, reject or sell on the ASX
ne « Accept the offer = Reject the offer « Sell your shares on the ASX
Slide 14: Documentation available and contact
— MOM Documentation available: «= Implats website « Zimplats website « Sent to registered address by mail or Contact: 1800 006 034 (within Australia) + 61 3 9649 5281 (from outside Australia)
Slide 15: Offer to Zimplats minority shareholders
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