With listings in Australia and the United Kingdom, and a Level 1 ADR program in the United States, Aquarius Platinum enjoys a wide shareholder base, both in terms of geography, and also investor type. Trading patterns over the year continued to see investors favouring the LSE. Asia has become an increasingly important part of the shareholder base, increasing threefold in 2003 to 4% of the total shareholder base, an unparalleled shareholding in the platinum industry. This is a result of an effort to widen the shareholder base and ultimately increase liquidity for all our shareholders.

The North American shareholder base represents approximately 5% of the total register and entirely represents holdings in the ordinary shares, not ADRs. During the year, a new level 1 ADR program was established with Deutsche Bank Trust Company Americas. The new program was launched mid-2004 to coincide with an increased investor relations effort in North America. A new section to the Aquarius Platinum website has been introduced specifically for the needs of ADR investors, and can be found at www.aquariusplatinum.com

With a primary focus on value growth, the company increased its dividend payout to $0.06 per share. The dividend policy is to be as progressive as possible, yet cognisant of our capital expenditure requirements. In 2003, Aquarius Platinum introduced a new dividend payments system, whereby shareholders registered on the Australian register may elect to receive their dividends in Australian or US dollars; shareholders on the UK register may elect to receive their dividends in pounds or US dollars.

In 2003, Aquarius Platinum won its first investor relations award. With its primary listing in Australia, the company was awarded runner up by the UK Investor Relations Society in association with the Financial Times for the category “Best Asia Pacific Investor Relations into the UK.”