Trading update – in respect of the twelve month period ended 30 June 2005

20 May 2005

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Securities Exchange South Africa (�the JSE�) a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.

The group results to June 2005 have been positively impacted by a strong performance from its ferrous metals and nickel divisions owing to increased volumes and high commodity prices. ARM refers shareholders to the trading update released by Assmang Limited on 20 May 2005. Furthermore, the ARM interest in Harmony Gold Mining Company Limited ceased to be equity accounted with effect from 30 November 2004 resulting in the group results for the second half of the financial year not being affected by the results at Harmony.

In light of the above, ARM announces that it expects headline earnings per share for the twelve months ended 30 June 2005 to be between 90 and 110 cents per share ( June 2004 : headline earnings per share 37 per share ).

This trading statement has not been reviewed or reported on by ARM’s external auditors. The company’s year end results are expected to be released during September 2005.

Deutsche Securities (SA) (Proprietary) Limited