2003 Impairment Charge

• 7% overall reduction in total ore reserves

  • 16% decrease at Stillwater Mine

• Asset impairment charge $390.3 million ($234.3 after tax) reduces carrying value of assets to estimated fair market value and a charge of $78.6 million to reduce deferred tax asset to realizable value

• No impact on bank credit facility

• No covenants breached

• Going forward reduces D&A per ounce

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