Arm Trading update

10 February 2005

ARM results have been positively impacted by strong performances from its ferrous metals and nickel divisions: owing to increased volumes and high commodity prices for, primarily, manganese; and better nickel prices. These performances were partially offset by equity accounted losses from Harmony Gold Mining Company Limited (Harmony) for the period until 30 November 2004. ARM is treating Harmony as an investment from 1 December 2004.

Shareholders are therefore advised that ARM expects its headline earnings per share for the six months ended 31 December 2004 to be between 9 and 11 cents per share, while basic earnings for the period are expected to be between 115 and 120 cents per share*. This compares with the result for the corresponding six months period to 31 December 2003 being a 1 cent loss for both headline and basic earnings.

This trading statement has not been reviewed or reported on by ARM’s external auditors. The release of the announcement of the half-year results is expected to be published on or about 15 February 2005.

* Includes a reversal of previously deferred profits on the sale of Avgold Limited

For more information please contact:
Pieter R�rich
Office: +27(11) 779 1300
or: 082 570 5064

Forward Looking Statements Certain statements in this presentation constitute �forward looking statements� within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of commodities; hazards associated with underground and surface mining; labor disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the date of publication of these pages. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of publication of these pages or to reflect the occurrence of unanticipated events.