1. Geoffrey Qhena Chief Financial Officer Industrial Development Corporation of South Africa Limited 2003/2004 Financial Results

2. Abridged Group Income Statement for the Year Ended 30 June 2004 (R’mil) 20042003 3 9613 802Revenue Net operating (loss) / income(803) 255 Net capital gains on investments628335 Taxation Net income after tax Minority interest Net attributable income (470) 706 9697 18 781 (6)787 Net income from operations 236 799 Share of equity accounted investments - Profits/(losses) from ordinary operations Profits/(losses) from ordinary operations 411 209

3. Analysis of Income Statement Items for the Year Ended 30 June 2004 (R’mil) 20042003 1 908 2 053 3 961 1 824 1 978 3 802 Revenue Financing Activities and Minor Subsidiaries Foskor

4. (803) (393) (262) 302 - Net movement in Impairments Net movement in Impairments - After Impairment Provisions20042003 410 564 Net Operating Income Financing Activities and Minor Subsidiaries - Before Impairment Provisions (410) (47) Foskor (803) 255 Analysis of Income Statement Items for the Year Ended 30 June 2004 (R’mil)

5. Main reasons for impairments

6. 20042003 53 359 13 24 14 (52)411 188 47 7 21 (60) 6209 Share of Equity Accounted Investments Profits from Ordinary Operations Duferco Steel Processing Mozal Eastern Produce Malawi Hans Merensky Holdings Hulett Aluminium Other Analysis of Income Statement Items for the Year Ended 30 June 2004 (R’mil)

7. Analysis of Net Attributable Income/(Loss) (R’mil) 465 822 666 (258) 1831 787 697

8. Abridged Group Balance Sheet as at 30 June 2004 (R’mil) 20042003 1 666 25 059 2 568 356 1 291 30 940 2 773 23 125 2 276 36 1 592 29 802 Assets Cash and cash equivalents Loans, advances and investments Property, plant and equipment Deferred taxation Other assets Debt/Equity Ratio22%28% Equity and Liabilities Capital and reserves Long-term loans Deferred taxation Bank overdraft Other liabilities 24 541 5 366 - 34 999 30 940 22 058 6 157 534 23 1 030 29 802

9. Strengthened Financial Base

10. Listed Investments (R’mil) Sasol Ltd BHP Billiton Sappi Ltd Kumba Resources Ltd Iscor Ltd Acerinox Ltd Other Realised 4 450 2 718 1 608 1 249 627 550 220 11 422 372 30-6-2003 Holding (%) 8.0% 2.8% 7.4% 14.0% 8.8% 2.9% 30-6-2003 Market Value 5 119 2 976 1 677 1 370 1 512 676 303 13 633 673 30-6-2004 Holding (%) 8.0% 2.2% 7.4% 14.0% 8.8% 2.9% 30-6-2004 Market Value 6 307 3 407 1 571 1 577 1 771 703 354 15 690- 13-9-2004 Holding (%) 8.0% 2.2% 7.4% 14.0% 8.8% 2.9% 13-9-2004 Market Value

11. Thank you