2018 Interim Financial Results24 July 2018

1

Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use of forward-looking terminology such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘intends’, ‘estimates’, ‘plans’, ‘assumes’ or ‘anticipates’ or the negative thereof or othervariations thereon or comparable terminology, or by discussions of, e.g. future plans, present or future events, or strategy that involve risks and uncertainties. Suchforward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control and all of which are based on thecompany's current beliefs and expectations about future events. Such statements are based on current expectations and, by their nature, are subject to a numberof risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, expressed orimplied, by the forward-looking statement. No assurance can be given that such future results will be achieved; actual events or results may differ materially as aresult of risks and uncertainties facing the company and its subsidiaries. The forward-looking statements contained in this presentation speak only as of the date ofthis presentation and the company undertakes no duty to, and will not necessarily, update any of them in light of new information or future events, except to theextent required by applicable law or regulation.

The conversion of Mineral Resource to Ore Reserves is dependent on the approval of pre-feasibility and feasibility studies by the relevant Kumba andAnglo American Investment Committees, and the ~510 Mt exclusive Mineral Resource currently investigated for conversion to Ore Reserves as indicated on slide32, 37 and 38 is based on Kumba’s current interpretation of its potential prior to the completion and approval of the required studies. Only Measured and IndicatedMineral Resource can be converted to Ore Reserves. The Mineral Resource being considered for potential conversion to Ore Reserves includes a material amountof Inferred Resource. Due to the uncertainty that may be attached to some Inferred Mineral Resource, it cannot be assumed that all or part of the Inferred MineralResource will necessarily be upgraded to an Indicated or Measured Resource after continued infill drilling.

DISCLAIMER

2

Image: relative dividend yield

Shareholder returns

Premium product

Resource endowment and life extension opportunities

Licence to operate and mutually beneficial partnerships

Safe production

Operating Model and talented people

Innovation and technology

Strong cash generation

Capital allocation discipline

Attractive and sustainable dividends

Our value proposition

Assets Capabilities

3

Delivering on our strategy

Focused on delivering sustainable shareholder returns

Improved product quality

Improved efficiencies and asset utilisation

Cost saving opportunities identified

Protected margin from full rand effect

Horizon 1Operating assets at full potential

Horizon 2Leveraging endowment

✓UHDMS project progressed to feasibility

✓RDP completed – lifex options identified

✓Engaging with Transnet

Upgrade to proven UHDMS technology

Exploration on prospecting rights

Strategic partnerships

✓ Increased quality to 64.5% Fe

✓ 63% of benchmark productivity

✓Cost savings of R415 million achieved

✓ EBITDA margin of 36%

Horizon 3Value accretive opportunities

Opportunistic approach

Strategic investment opportunities

Long-term growth optionality

4

Solid performance across the board

HEPS

R9.311H17: R14.42

EBITDA

R7bn1H17: R9.1bn

Financial

Total recordable cases

45%1H18: 23 (1H17: 42)

High potential incidents

77% 1H18: 3 (1H17: 13)

Safety – Fatality free Shareholder returns

Attributable free cash flow

(Rbn)

DPS (R/share)

7.5 2.8

1H17 1H18

15.97 14.51

1H17 1H18

Production

22.4Mt1H17: 21.9Mt

Operational

Total tonnes handled

140.4Mt1H17: 125.1Mt

5

Mutually beneficial partnerships for long-term success

Local

businesses

R451mhost community

suppliers

R5.4bnprocurement from BEE businesses

Shareholders

R4.7bnowners of Kumba

R1.4bnempowerment

partners

Communities

R35.9mdirect social investment

Government

R1.3bnincome tax

R468mmineral royalty

Employees

R2.3bnsalaries and

benefits

6

Stakeholder relationships – continuing to make progress

Mining Charter

▪ MC18 an improvement on MCIII

− Our mining rights are secure

− “Once empowered always empowered”

− Positive consultations

▪ Deadline for responses is 31 August 2018

▪ Concerns relate to issues that could affect the sustainability of the mining industry

▪ More consultation required to create a Mining Charter that promotes long-term investment and transformation

Dingleton

▪ Sishen consolidated Mining right executed, incorporates Dingleton area

▪ Preparation for mining activities

▪ Demolition of unoccupied structures, rehabilitation in progress

▪ In negotiations with last few households

Thabazimbi

▪ Section 11 for the transfer of mining rights to ArcelorMittal SA granted

▪ Outstanding conditions precedent to be met by 28 September 2018

8

-20

-15

-10

-5

0

5

10

15

20

25

30

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

Platts 65 and Platts 58 (low Al) differential to Platts 62 ($/t)

P65/P62 premium P58/P62 discount

Source: Platts

There’s a flight to quality…

P65/P62 Half Year Averages ($/dmt)

3.6 9.4 12.9 19.2 18.2

20 July 2018

$28

$10

0

0.1

0.2

0.3

0.4

0.5

2014 2015 2016 2017 2018

Platts lump premium ($/dmtu)

Platts lump premium avg ($/dmtu)

0.17 0.14 0.15 0.15 0.18

20 July 2018

$0.32/dmtu

-1H

9

62 62 62

6973

7780

2013 2014 2015 2016 2017 2018e Target

China Steel Capacity Utilisation (%)

1

73

8580

73

58 56

35

2013 2014 2015 2016 2017 2018e Target

PM2.5 Reading in Beijing

1

Source: Beijing Urban Master Plan 2030, China 13th Five Year Plan, CISA, MIIT, World Steel Association, Woodmackenzie

1. Government targets

…and it’s here to stay

Tighter emission standards~250Mt of steel capacity reduction

Bigger blast furnaces

52 50 49 44 43 42

33 34 34 36 36 36

15 16 17 20 21 22 100

2013 2014 2015 2016 2017e 2018e Japan

China Major Steel Mill BFs by Size (%)

<1000 m 1000-1999 m >2000 m3 3 3

Steel industry consolidation

39 37 34 3237 35

60

2013 2014 2015 2016 2017 2018e Target

Share of Top 10 Steelmakers in China (%)

1

10

530

242

66 68

1H18 Lump:Fine ratio (% lump), Peer comparison

Source: Company reports, Woodmackenzie | 1:Export sales lump:fine ratio

64.1

60.8 60.7

57.7

64.1 64.5

1H18 average Fe content (%), Peer comparison

Kumba is upgrading its product portfolio…

Peer 11H17 1H18

Kumba

¹

Peer 2 Peer 3 Peer 4

Peer 11H17 1H18

KumbaPeer 2 Peer 3 Peer 4

11

…resulting in a realised FOB price of US$69/tonne

71 5 5 269

RealisedFOB price 1H17

Decrease inPlatts 62% Index

Increase in PlattsLump premium*

Increase inSaldanha -

Qingdao freight

RealisedFOB price 1H18

Kumba’s 1H18 Realised Price Reconciliation(US$/tonne, FOB)

69

56 (est)

63

62

36 (est)

Kumba

Peer 1

Peer 2

Peer 3

Peer 4

1H18 Realised Price (US$/tonne, FOB), Peer Comparison

EU/MENA/Americas

20%

JKO

20%

China

60%

Export sales geographical split 1H17

EU/MENA/Americas

21%

JKO

22%

China

57%

Export sales geographical split 1H18

* In 1H18, 68% of Kumba’s export sales consisted of lump ore.

13

Safety

40%Reduction in high potential incidents

1H18: 3 (1H17: 5)

Production

15.3Mt1H17: 15.6Mt

Waste

86.6Mt1H17: 76.6Mt

Quality

64.6 Fe%Average 1H17: 64.2 Fe%

Sishen – focus on value over volume

14

Haul truck (kt/day) Pre-strip shovel tempo (kt/h)

4.26.1

8.4

1H16 1H17 1H18

Fleet productivity (kt/day)

379529 619

1H16 1H17 1H18

Sishen – operating model enhanced capability and improved productivity

Total tonnes handled (incl. contractors)

105.1Mt1H17: 92.9Mt

3.0 4.0 4.8

1H16 1H17 1H18

38% 19%

17%

15

Safety

100%Reduction in high potential incidents

1H18: 0 (1H17: 4)

Production

7.2Mt1H17: 6.3Mt

Waste

26.4Mt1H17: 25.4Mt

Quality

64.3 Fe%1H17: 64.2 Fe%

Kolomela – driving assets to full potential

16

36.7 38.1 39.0

1H16 1H17 1H18

4.8 4.5 4.8

1H16 1H17 1H18

Hydraulic shovel (kt/day)

34.0 35.0 38.3

1H16 1H17 1H18

DSO productivity (kt/day)

Kolomela – operating model continued productivity gains

Total tonnes handled (incl. contractors)

35.3Mt1H17: 32.2Mt

Haul truck (kt/day)

6% 9%

2%

17

Challenging rail performance

▪ Derailments - 2 in 2H17, 4 in 1H18:

- Low opening stocks in January

- High finished product inventory levels at mines

- Wagon shortages and track repairs

▪ Other logistical challenges:

- Tippler issues

- Overhead traction equipment failure

- Speed restrictions

Mitigating actions:

▪ Closely monitoring performance to achieve 100% contractual capacity

▪ Optimised loading, reduced loading variability, improved turn-around times at mine

▪ Improvement of integrated operational and sales planning across value chain

Transnet rail performance under pressure due to derailments

2.4Mtlost sales opportunity

18

Total shipped

19.5Mt1H17: 19.5Mt

Finished product inventory

6.2Mt1H17: 4.4Mt

Logistics performance maintained despite rail challenges

Railed to port

20.8Mt1H17: 20.8Mt

Total sales

21.2Mt1H17: 21.2Mt

20

Margin enhancement

Revenue1H17

R19.5bn

R21.5bn

EBITDA margin1H17

36%

43%

Financial discipline

Cost savings: R415m

Capital expenditure1H17

R1.4bn

R1.1bn

Shareholder returns

Attributable free cashflow1H17

R2.8bn

R7.5bn

Dividend per share1H17

R14.51

R15.97

Enhancing returns for shareholders

21

(46) (2 091)

(1 218)

1 170 159

19 806 17 621

1 694

1 853

1H17 Volume Premium Shipping Price Currency 1H18

Rm

Mining operations Shipping

19 474

21 500

Revenue – quality premia partially offsetting stronger Rand and lower prices

▪ Average realised FOB export price declined 3% to $69/t (1H17: $71/t)

▪ Average R/$ exchange rate 7% stronger at R12.30(1H17: R13.21)

Controllables Non-controllables

▪ Revenue decreased by 9%

▪ Total sales maintained at 21.2Mt

▪ Premium for Fe and lump quality

22

34 6

6 3 (11)

(16)

287309

FY17 Miningvolume

Productionvolume

Costsavings

Deferredstripping

Inflation Costescalation

1H18

Unit cashcost1 R/t

5% 3%

Sishen unit cost driven by mining volumes while cost savings offset non-controllable costs

▪ Mining volumes up 13%

▪ Lower production increased costs

▪ Cost savings from optimisation and improved productivity

1. Excluding impact of deferred stripping on unit cost 1H18: R48/t ( FY17: R30/t )

Controllables Non-controllables

▪ Inflation-related costs up R6/tonne

▪ Cost escalation driven by higher diesel price

23

8

5 3

(8)(5)

(8)237

232

FY17 Miningvolume

Productionvolume

Costsavings

Deferredstripping

Inflation Costescalation

1H18

Unit cashcost1 R/t

(5%) 3%

Kolomela’s lower unit cost due to increased productivity and efficiencies

▪ Controllable cost reduction offsetting non-controllable costs

▪ Higher production volumes reduced unit cash costs

▪ Cost savings offset inflation costs

1. Excluding impact of deferred stripping on unit cost 1H18: R25/t (FY17: R18/t )

Controllables Non-controllables

24

40

46

1 0 1

4

FY17 Controllable costs Price impact Freight Currency 1H18

$5$1

▪ Break-even price up $6/t from FY17 average▪ Controllable costs driven by:

− Higher mining volumes and increased logistics costs, offset by containment of on-mine and overhead cost

Break-even price – increase mainly driven by currency strength

▪ Non-controllable costs increased by $5/t

− Rand strengthening 7% to R12.30 (FY17: R13.30)

− Increase in freight rates

Platts 62%break-evenprice ($/t)

Controllables Non-controllables

25

EBITDA – strategy of operating assets at full potential delivering underlying value

9 145

10 411

6 958

(46)

1 170

142

(1 054)

(2 091)

(475)116 51

1H17 Volume Premium Opex Total aftercontrollables

Currency Price Inflation Royalties Shipping 1H18

Controllables

14% (33%)

Rm

Non controllable

26

0.2 0.4

1.6-1.7

0.20.2

0.6

0.70.9

1.5-1.6

1H17 1H18 FY18e

Rbn

SIB Expansion Deferred stripping

▪ SIB: Infrastructure to support production, and environmental compliance

▪ Expansion: Sishen 2nd modular plant and Dingleton

▪ Deferred stripping: higher strip ratio compared to 1H17, as planned

Medium term

▪ Infrastructure to support operations, fleet refurbishment and environmental compliance

▪ Investment in UHDMS technology and exploration

Long term

▪ SIB of ~R2bn p.a. expected through the cycle

Capital expenditure supports our strategy

3.7-3.9

1.4

1H18

1.1

27

11 664

5 538

13 874

6 874

237(1 340)

(1 429)(219)

(4 831)

(4 674)

(1 502)

(1 452)

2017 Cash generatedfrom operations

Net financeincome

Tax paid Capex Other Final 2017dividend

Jun 18 InterimDividend

Pro-formacash retained

Rm

Kumba Shareholders Minorities

▪ Attributable free cash flow of R2.8 billion

▪ Cash balance retained at R11.7 billion

Strong balance sheet – set for long-term growth and sustainable returns

▪ Shareholder returns of R12.5 billion

▪ Interim dividend of R14.51 per share

(6 333)

(6 126)

28

Disciplined capital allocation – delivering on our commitment

Revised dividend policy of 50 – 75% payout ratio

takes into account:

▪ Cash generation capability

▪ Prioritisation of sustainable shareholder returns

▪ Balance sheet flexibility

▪ Disciplined capital allocation

1H18 interim dividend of R14.51 made up as follows:

▪ R6.98 – 75% of headline earnings

▪ R7.53 – once-off dividend off accumulated cash

Cash flow after

sustaining capital

Balance sheet flexibility to support

dividends and protect against market volatility

Discretionary capital options

Discretionary capital options

Value accretive investment opportunities

Future project options

Additional shareholder returns

FOCUS ON UNLOCKING FULL POTENTIAL

30

Horizon 2

Leveraging endowment

Focused delivery on our strategy

Horizon 1

Operating assets at full potential

Horizon 3

Value accretive opporunities

▪ Improving productivity

▪ Cost initiatives targeted

▪ Increasing quality of product

▪ Efficiency & optimisation

▪ Technology an enabler – UHDMS

▪ Northern Cape exploration

▪ Opportunistic approach

▪ Strategic investment opportunities

▪ Long-term optionality

31

64.5% FeProduct quality

Horizon 1 – drive margin expansion across value chain

R800 million Cost saving opportunities targeted for 2018

20-30%Fleet productivity and efficiency

▪ R415 million of cost savings in 1H18

▪ Opportunities identified include:

− Optimising maintenance schedules

− Contractor management

− Diesel and tyre efficiency

− Supplier spend

32

Technology and Optimisation~360Mt

Efficiency and Optimisation~150Mt

Historical exploration activity (2011 – 2018)

▪ Sishen: ~80Mt (≥48% Fe)pit optimization

▪ Kolomela: ~70Mt additional pit (@ ≥50%Fe)

▪ Sishen: ~210Mt ( ≥40%Fe)UHDMS2 upgrade

▪ Sishen: ~150Mt (≥40%Fe)UHDMS optimisation

▪ 211,583m drilled, R664m spent

▪ 3D regional geophysicalmodels completed

~510 Mt (Fe grade ≥ 40%) excl. Mineral Resourceunder investigation for possible conversion to Ore Reserves and

subsequent life extension(Near Term)

Active exploration on prospecting rights

(Medium term)

Low grade beneficiation<40% Fe

▪ Technology solution being investigated

▪ Spatially modelled

Ore Reserves of 676.4Mt @ 59.6% Fe

Sishen <40%Fe(Long Term)

Exploration and research beneficiation technology

Northern Cape opportunities

+733.0Mt @ 54.6% Fe of exclusive Mineral Resource

Sishen – 500.8Mt @ 57.9% Fe

Reserve Life 13 years

Kolomela – 175.6Mt @ 64.4% Fe

Reserve Life 14 years

Horizon 2 – leveraging Northern Cape opportunities, our approach to life extension

1. Exclusive Mineral Resource are additional to Ore Reserves and has not been modified. Please refer to our disclaimer as well as slide 37 and 38 for additional information, source data and assumptions.

2. Subject to rail capacity

3. Based on 1.6 revenue factor. Sishen Total 2017 exclusive Mineral Resource = 559.6Mt @ 52.0% Fe. Kolomela Total 2017 exclusive Mineral Resource = 173.4Mt @ 62.8% Fe

33

Production: 29 - 30Mt

Waste: 170 – 180Mt

Unit costs: R300 to R310

Strip ratio: to exceed 4, LoM ~4

LoM: 13 years

Production: ~14Mt

Waste: 55 – 57Mt

Unit costs: R240 to R250

Strip ratio: to exceed 3.5, LoM ~4

LoM: 14 years

Guidance for 2018

Sishen Kolomela

Total production (Mt)

43 – 44Total sales (Mt)

42 – 44Capex (Rbn)

3.7 – 3.9

34

Image: relative dividend yield

Shareholder returns

Premium product

Resource endowment and life extension opportunities

Licence to operate and mutually beneficial partnerships

Safe production

Operating Model and talented people

Innovation and technology

Strong cash generation

Capital allocation discipline

Attractive and sustainable dividends

Our value proposition

Assets Capabilities

37

Annexure 1:Life extension2 under investigation

510Mt of 733Mt exclusive Mineral Resource1 (2017) under investigation for short to medium term potential conversion to Ore Reserves

2017 Ore Reserves

Mineral Resource1 (under investigation)

Sishen ~500.8Mt

Kolomela ~175.6Mt

Kolomela

P1: 70Mt

Mineral

Resource1

In situ Fe

Grade

Conversion

FactorYield

Phase 1 – Optimisation

▪ Improved efficiency▪ Mine design

80 Mt ≥48% 0.70 – 0.60 70 – 75%

Phase 2 – Optimisation

▪ UHDMS technology (Current pit)

210 Mt 40 – 48% 0.70 – 0.60 25 – 30%

Phase 3 – Optimisation

▪ UHDMS technology (Larger pit)

150 Mt ≥40% 0.70 – 0.60 37 – 42%

Phase 1 = New pit 70 Mt ≥50% 0.55 - 0.45 98 - 100%

Sishen

P1: Optimisation = 80Mt

P2: UHDMS Technology Inside current pit = 210Mt

P3: UHDMS Technology Larger pit = 150Mt

Resource shell functionof price3

Resource shell function of price3

2017 Yield 2017 Reserve Life

Sishen 74.0% 13 years

Kolomela 95.8% 14 years

@ 57.9% Fe

@ 64.4% Fe

1. Exclusive Mineral Resource are additional to Ore Reserves and has not been modified. Please refer to our disclaimer as well as slide 38 for source data and assumptions.

2. Subject to rail capacity

3. Based on 1.6 revenue factor. Sishen Total 2017 exclusive Mineral Resource = 559.6Mt @ 52.0% Fe. Kolomela Total 2017 exclusive Mineral Resource = 173.4Mt @ 62.8% Fe

38

▪ Source data

The Kumba Iron Ore 2017 Exclusive Mineral Resource estimates are detailed in the Kumba 2017 Ore Reserves & Mineral Resource Report (http://www.angloamericankumba.com/~/media/Files/A/Anglo-American-Kumba/annual-report-2018/ore-reserves-and-mineral-resources-report-2017.pdf)

Annexure 1a:Kumba 2017 Exclusive Mineral Resource

39

Mt 1H18 1H17 % change 2H17 % change

Railed to port (incl. Saldanha Steel) 20.8 20.8 — 21.2 (2)

Sishen mine (incl. Saldanha Steel) 13.7 14.4 (5) 14.1 (3)

Kolomela mine 7.1 6.4 11 7.1 —

Total sales 21.2 21.2 — 23.7 (11)

Export 19.5 19.5 — 22.1 (12)

Domestic 1.7 1.7 — 1.6 6

Total ore shipped 19.5 19.5 — 22.1 (12)

CFR (shipped by Kumba) 12.8 12.7 1 15.9 (19)

FOB (shipped by customers) 6.7 6.8 (1) 6.2 8

Finished product inventory 6.2 4.4 41 4.3 44

Annexure 2:Logistics performance maintained

40

Rm 1H18 1H17 % change 2H171 % change

Revenue 19 474 21 500 (9) 24 879 (22)

Operating expenses (14 390) (13 853) 4 (11 205) 28

Operating profit 5 084 7 647 (34) 13 674 (63)

Operating margin (%)2 26 36 — 36 —

Profit for the period 3 853 5 998 (36) 10 135 (62)

Equity holders of Kumba 2 943 4 586 (36) 7 749 (62)

Non-controlling interest 910 1 412 (36) 2 386 (62)

Effective tax rate (%) 27 23 27

Cash generated from operations 6 874 11 726 (41) 10 706 (36)

1. Including Thabazimbi mine2. Excluding the impairment reversal in 2H17

Annexure 3:Operating margin driven by lower revenue, expense growth well controlled

41

1H18 1H17 % change 2H17 % change

Export (Rm) 16 388 18 375 (11) 20 886 (22)

Tonnes sold (Mt) 19.5 19.5 — 22.1 (12)

US Dollar per tonne 69 71 (3) 71 (3)

Rand per tonne 840 942 (11) 945 (11)

Domestic (Rm) 1 233 1 431 (14) 1 283 (4)

Shipping operations (Rm) 1 853 1 694 9 2 710 (32)

Total revenue 19 474 21 500 (9) 24 879 (22)

Rand/US Dollar exchange rate 12.30 13.21 (7) 13.40 (8)

Annexure 4:Revenue sector analysis

42

8 785 8 984

1 761 1 868

1 254360 107 347(1 166)

(249)

2 659 3 006

1H17 Mining operations Stockmovement

Deferred stripping Escalation,non-cash and forex

Shipping Selling anddistribution

1H18

Rm

Mining operations Shipping Selling and distribution

13 205

1

Mining 199

Logistics454

13 858

1. Excluding the mineral royalty

Annexure 5:Operating expenditure driven by volume growth

43

Annexure 6:Operating expenditure analysis

Rm 1H18 1H17 % change 2H17 % change

Cost of goods sold 8 984 8 785 2 9 521 (6)Cost of goods produced 8 731 8 153 7 8 435 4Production costs 9 004 7 656 18 8 704 3

Sishen mine 6 282 5 336 18 5 828 8Kolomela mine 2 499 2 111 18 2 597 (4)Thabazimbi mine 44 104 (58) (10) (540)Other 179 105 70 289 (38)

Inventory movement WIP (273) 497 (155) (269) 1A grade (992) — — (69) 1 338B grade 719 497 45 (200) (460)

Inventory movement finished product (380) 16 (2 475) 215 (277)

Corporate support and studies 580 450 (29) 673 (14)Forex and other 53 166 (67) 198 (72)Mineral royalty 532 648 (18) 591 (10)Impairment reversal — — — (4 789) (100)Selling and distribution 3 006 2 659 13 3 157 (5)Shipping operations 1 868 1 761 6 2 725 (31)Operating expenses 14 390 13 853 4 11 205 28

44

(30) (48)(18) (25)

53 65 31 28

10 10 4 3

13 13

15 14

58 69

27 26

59 58

96 101

50 57

30 31

74 85

52 54

Sishen mineFY17

Sishen mine1H18

Kolomela mineFY17

Kolomela mine1H18

Deferred stripping Other Energy Drilling and blasting Maintenance Outside services Fuel Labour

287

309

237 232

Annexure 7:Sishen and Kolomela mines’ unit cash cost structure (R/t)

45

17 18 12 11

3 32 1

4 46 6

18 1910 10

19 16 38 39

16 1612 12

23 24 20 21

Sishen mineFY17

Sishen mine1H18

Kolomela mineFY17

Kolomela mine1H18

Other Energy Drilling and blasting Maintenance Outside services Fuel Labour

Annexure 8:Sishen and Kolomela mines’ unit cash cost structure (%)

46

Rm 1H18 FY171 FY18

Approved expansion 155 575 ~600

Deferred stripping 905 1 194 1 500 – 1 600

Sishen 723 942 1 300 – 1 400

Kolomela 182 252 ~200

SIB Sishen 210 793 900 – 1 000

SIB Kolomela 159 507 ~700

Total capital expenditure 1 429 3 069 3 700 – 3 900

Annexure 9:Capital expenditure analysis

All guidance based on current forecast exchange rates

1. FY17 excludes ~R5m of Thabazimbi capital expenditure

47

Change per unit of key operational drivers, each tested independently

Sensitivity analysis Unit change EBITDA impact

Currency (Rand/US$) R0.10/US$ R145m

Export Price (US$/t) US$1.00/t R230m

Volume (kt) 100kt R50m

Breakeven price impact

Currency (Rand/US$) R1.00/US$ US$3.40/t

(180)

160

(100)

180

160

100

-200 -150 -100 -50 0 50 100 150 200

Currency

Export price

Export volume

Sensitivity analysis (1% change) – EBITDA impact (Rm)

Source: WSA, Kumba market intelligence, GTIS Based on 4M16 data

Annexure 10:Sensitivity analysis 1H18

1% change to key operational drivers, each tested independently