Lonmin Plc

INTERIM RESULTS 200911 May 2009

Lonmin Plc

Ian FarmerChief Executive Officer

Results Overview

Results Highlights

3

• Solid operational performance, with sales ahead of expectations:• Mining performance improving• Excellent performance from Process Division • Continued focus on improving safety performance

• Significant restructuring exercise implemented:• Annualised cost savings of $90 million from H2 2009• One-off costs of $44 million in H1 2009

• Net Debt at 31 March 2009 - $449 million: • Increased by $146 million from 30 September 2008, expected to increase in H2 2009 *• Interim dividend passed

• Actions taken to strengthen financial position:• $575 million debt re-financing package completed

• Underwritten 2 for 9 rights issue to raise $457 million launched today

• Outlook for 2009:• Maintaining sales guidance of around 700,000 Platinum ounces• Expecting Rand-based gross operating costs for 2009 to be lower than incurred in 2008• Initiatives underway in Mining but operational challenges remain

* Excluding Rights Issue proceeds

Actions Taken By Management

4

• Eliminate non value adding ounces• Limpopo - Baobab shaft put on care and maintenance• Marikana opencast operations - closed • Marikana underground operations - 1 small decline shaft and 5 half levels being shut down

• Maximise output from invested capital - mechanisation approach changed• Saffy being converted to hybrid mining • Fully mechanised project at Hossy progressing• Continued investment in K4 towards initial production

Actions Taken By Management

5

• Simplify organisational structure with clear accountability• New management structure in place• Certain Shared Business Services areas of responsibility re-allocated

• Reduce costs and manage cash• Restructuring programme implemented• Reduction in head office and exploration costs – cost reduction exercise continuing• FY09 capital expenditure forecast of $250 million

• Preserve opportunities for the future• Short to medium term focus on growth opportunities at Marikana• Medium to long term growth portfolio in place at Akanani and Limpopo

Lonmin Plc

Mahomed SeedatChief Operating Officer

Operational Performance

Overview of Operational Performance

7

• Sales of 311,853 oz of Platinum and 583,873 oz of total PGM’s – ahead of plan

• Continued focus on improving Safety performance – LTIFR reduced 6%

• Mining:• Conventional production showed year-on-year improvement in both quarters in H1 2009• Saffy and Hossy continue to ramp-up – up 28% from H2 2008• Emphasis remains on development, grade and productivity improvements

• Process Division:• Number One furnace re-design successfully completed• Excellent performance in processing the majority of built up inventory• Focus on improving operational stability

Safety performance

8

Lost

tim

e in

jurie

s pe

r milli

on m

an h

ours

wor

ked

32008

2HY09

32007

6 2006

62005

82004

Industrial Fatalities

20.9

18.1

12.45

10.80

6.27 5.92

0

5

10

15

20

25

2004 2005 2006 2007 2008 HY09

LTIF per million man-hours w orked

150

200

250

300

350

400

450

500

550

600

2002 - 2004 2006 - 2008

Ave

rage

und

ergr

ound

tonn

es p

er fu

ll tim

e em

ploy

ee

Restructuring Programme Implemented

9

• Major restructuring exercise implemented• Total workforce reduced by 6,400 to 31 March 2009, including 2,250 contractors• 600 more to follow in early H2 2009• Less than 300 forced retrenchments so far• Annualised cost savings of $90 million from H2 2009• One-off cost of $44 million in H1 2009

• Marikana:• Workforce reduction of 4,400• Reduction in management headcount• Right-sizing of production crews

• Limpopo:• Workforce reduction of 2,000

Full time workforce reduced from 26,000 in September 2008to 22,000 in March 2009

Average productivity per full time Marikana employee

Avg employee no’s 22,000 25,000

Mining – production

10

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q108 Q208 Q308 Q408 Q109 Q209

Tonn

es H

oist

ed (0

00's

)

Marikana Underground Marikana Opencast Limpopo Pandora

0

50

100

150

200

250

300

350

400

450

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209

Tonn

es h

oist

ed (0

00's

)

Maximising Output from Invested Capital

11

• Saffy and Hossy continue to ramp-up

• Saffy• Producing around 58,000 tonnes per month• Challenges remain in transferring new crews• FY09 target of 80,000 tonnes per month• Full capacity of 200,000 reef tonnes per month

• Hossy• Producing around 53,000 tonnes per month• Productivity of 1,100 sq m per month per suite

achieved in March• Decision on mining method to be made in Sept 2009• Full capacity of 120,000 reef tonnes per month

Production from Mechanised sections

Underground milled head grade

3.5

3.7

3.9

4.1

4.3

4.5

4.7

4.9

Q208 Q308 Q408 Q109 Q209

g/t (

6 PG

E)

Mining – underground head grade

12

• H1 2009 grade impacted by:• Increased percentage of development ore

from Saffy and Hossy• Unplanned dilution – partly for safety

reasons• Lack of flexibility in face availability

• Management actions initiated having a positive effect• 4% sequential improvement in grade in

Q209

Mining – development

13

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

FY 06 FY 07 Half Year 08 FY 08 Half Year 09

Cen

tare

s

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Imm

edia

tely

Ava

ilabl

e O

re

Res

erve

s (M

onth

s)

Centares Months

Concentrators

14

0

50

100

150

200

250

Q108 Q208 Q308 Q408 Q109 Q209

Sale

able

Met

al in

Con

cent

rate

(Pt o

z - 0

00's

)

60.0

65.0

70.0

75.0

80.0

85.0

Rec

over

y R

ate

(%)

Saleable Metal in Concentrate (Pt oz) Underground Recovery Rate (%) Total Recovery Rate (%)

Smelter & Refineries

15

Sustainability

16

• Helping to alleviate sickness and improve health• 1,020 patients on ART – 15% increase from September 2008• Trained 56 active home-based carers and 57 community-based peer educators• Additional tuberculosis awareness campaigns initiated • Effective hearing diagnosis and conservation programme in place

• Supporting education in local communities• Supplementing government’s nutrition programme for schools• Implemented at 28 schools, benefiting more than 15,000 children

• Developing and promoting local suppliers and service providers• Lonmin-IFC Technical Assistance Programme - business training, daily monitoring and

mentoring of local companies• Emphasis on local supplier contracts

Lonmin Plc

Alan FergusonChief Financial Officer

Financial Results

18

Summary of Financial Results

6 monthsto 31 March

6 monthsto 31 March

Units 2009 2008 Variance

Revenue US $m 436 907 (471)

Underlying (LBITDA) / EBITDA US $m (51) 417 (468)Underlying (LBIT) / EBIT US $m (98) 371 (469)Special costs US $m (44) (3) (41)(LBIT) / EBIT US $m (142) 368 (510)

Underlying EPS Cents (50.2) 132.5 (182.7)Basic EPS Cents (71.2) 181.1 (252.3)

Dividend declared Cents 0.0 59.0 (59.0)

19

Underlying EBIT Variance Analysis

371 (459)

41 (41)

(12) 2

(98)

(200)

(100)

0

100

200

300

400

H1 08underlying

PGM price PGM volume PGM mix Base metals Costs H1 09underlying

$m Net of significant

foreign exchange benefits

20

Costs and cost per PGM Ounce

Upgraded 2009 cost guidance – now expecting 2009 Rand-basedgross operating costs to be lower than R9.4bn incurred in 2008

6 monthsto 31 March

6 monthsto 30 Sep

6 monthsto 31 March

Units 2009 2008 2008

SA gross operating costs R bn 4.6 5.4 4.0

Exchange rate (actual) R/$ 9.65 8.00 6.84

SA gross operating costs (reported) $m 474 674 578

Exchange translation benefit $m 0 115 168

Cost per PGM ounce produced R/oz 6,956 7,029 5,492

21

Net Debt

Increase in Net Debt in H1 2009 - $146 million:

• Benefited from large inflow from debtors - $214 million

• Some outflow expected in H2 2009

• Partly offset by creditor outflow - $102 million

• Tax and special costs paid - $87 million

• Capex $106 million

• Out of $250 million FY09 forecast spend

Net debt at H1 2009 $449 million - expected to increase in H2 2009 *

* Excluding Rights Issue proceeds

Debt Refinancing Completed

22

• Total committed facilities in place of $975 million

• Refinancing completed of $575 million of existing committed facilities

• Significantly extends tenure and maintains quantum of credit facilities

• H2 2009 – effective funding cost of c. 6% per annum is anticipated

• EBITDA covenants relaxed until March 2010 on $400 million facility

Bank support secured

Lonmin Plc

Ian FarmerChief Executive Officer

Markets

Automotive Demand

24

Global recessions, the impact on vehicle sales and platinum supplyQuarterly vehicle sales (lhs; '000 units) and platinum supply (rhs; '000 oz)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q1-

80Q

1-81

Q1-

82Q

1-83

Q1-

84Q

1-85

Q1-

86Q

1-87

Q1-

88Q

1-89

Q1-

90Q

1-91

Q1-

92Q

1-93

Q1-

94Q

1-95

Q1-

96Q

1-97

Q1-

98Q

1-99

Q1-

00Q

1-01

Q1-

02Q

1-03

Q1-

04Q

1-05

Q1-

06Q

1-07

Q1-

08Q

1-09

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

vehicle salesplatinum supply

Source: SFA Oxford, Oxford Economics

10 quarterdownturn

12 quarterdownturn

5-7 quarters left • Vehicle unit sales outlook:• Positives:

- China- Fiscal stimulus packages- Emissions legislation

• Negatives:- Stocks- Ownership & structural uncertainties- Consumer credit availability

• Impact of move to smaller gasoline engines

• Drive train technology evolution

Automotive demand expected to remain weak through 2010

Jewellery Demand

25

Source: PGI

Elastic Chinese demand offers some respite

• Strong buying on SGE in recent months

• Price elasticity evident

• Chinese market expected to grow materially

• RoW expected to be flat in 2009 from 2008

SGE platinum trading and Pt price(lhs kg/month; rhs $/oz)

0

20

40

60

80

100

120

140

160

180

asond j fmamj j asond j fmamj j asond j fmamj j asond j fmamj j asond j fmamj j asond j fm

04 05 06 07 08 09

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200Pt trading Pt price

Average: 77 kg/m

Source: SFA Oxford, SGE

Investment Demand

26

0

100 000

200 000

300 000

400 000

500 000

600 000

Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09600

900

1 200

1 500

1 800

2 100

2 400ETFS (Oz)ZKB (Oz)PM Fixing Price

Global Platinum ETF Volume (oz) Pt PM Fixing Price, $/oz

Source: Mitsui, ETFS, ZKB

• Strong investment demand in early 2009 – ETF’s at record volumes

• Possibility of a new US-domiciled ETF

• 2009 sees investment buyer becoming the “marginal buyer”

Currently jewellery and investment buyers “set the price”

PGM market fundamentals remain positive in the long term

27

2009

2010

2011 - 2012

Automotive challenges continue, with pricing

influenced by jewellery and investment buyers

Weak and slow automotive recovery

Market rebound expected to come through

Lonmin Plc

Ian FarmerChief Executive Officer

Rights Issue, Outlook and Summary

Rights Issue – Quantum & Timetable

29

• Underwritten Rights Issue to raise $457 million net of expenses• 2 for 9 issue of new shares at 900p per share in UK, or ZAR113.04 per

share in South Africa• 39% discount to TERP

• UK timetable:

- Interim results / rights issue announcement - 11th May 2009

- Dealings in new shares nil paid commences – 15th May 2009

- Latest date for acceptance / payment – 3rd June 2009

- New shares fully paid commence trading – 4th June 2009

Rights Issue – defensive rationale

30

Appropriate to adopt a more conservative capital structure in currentuncertain environment:

• Improves Lonmin’s ability to withstand potential adverse movements in external factors - PGM price basket and Rand/US Dollar exchange rate

• Significantly reduces Lonmin’s borrowings and annual interest charge

• Provides incremental headroom in respect of financial covenants contained in its borrowing facilities

Rights Issue – offensive rationale

31

Strengthened capital structure enables value optimisation:

• Ongoing cost saving initiatives expected to move Lonmin further down the industry cost curve

• Current focus on Marikana • Expected to produce the quickest, most profitable and cash generative ounces• Exploit under-utilised capacity at Hossy, Saffy and K4, at the appropriate time

Summary & Outlook

32

• Unpredictable short term PGM demand outlook

• Focusing on H2 2009 production delivery - actions being taken include:• Production delivery with reduced workforce• Continued focus on cash preservation and cost reduction

• Maintaining 2009 sales guidance of 700,000 Platinum ounces• Likely to be weighted to Q4 2009

• Expecting 2009 Rand-based gross operating costs to be lower than 2008

• Working with Incwala on upcoming HDSA re-financing event

• More conservative but appropriate capital structure, through re-financed credit facilities and rights issue

Lonmin Plc

Questions

Lonmin Plc

Appendices

Refinanced Debt Maturity Profile

35

$975m

$810m

$615m

$535m $515m

$405m

$105m

$875m

$0m

$200m

$400m

$600m

$800m

$1,000m

$1,200m

Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13

USD 175m SA RCF

USD 100m SA IFC Loan

USD 250m UK RCF

USD 150m UK Term Loan

USD 300m SA Term Loan

Total Committed Facilities

Refinanced Debt Facilities - details

36(1) Range determined by reference to net debt : EBITDA(2) South African RCF covenants tested at the WPL / EPL level in South Africa(3) Covenants consistent with US$300 million term loan which expires in June 2013

0.75x

4.00x

4.00x

L+400bp to March 2010L+250-400bps thereafter(1)

NA0.75xMax Net Debt : Net Worth

3.50x4.00xMin EBITDA : Net Interest

2.75x4.00xMax Net Debt : EBITDA

UK RCF

JIBAR+141bps (Rand)Drawing in USD by

negotiation

November 2010$175m

South African RCF (3)

November 2012$150m

UK Term Loan

Key covenants(2):

L+400bp to March 2010L+250-400bps thereafter(1)

Cost

November 2012Maturity$250mAmount

37

Cost per Ounce 6 months

to 31 March6 months

to 31 March2009 2008R/oz R/oz

Mining - Marikana 4,712 3,247Mining - Limpopo 7,404 6,125Mining - weighted average 4,751 3,366Concentrating - Marikana 817 638Concentrating - Limpopo 1,820 2,193Concentrating - weighted average 831 684Process division 827 604Shared services 547 838Cost per PGM ounce produced 6,956 5,492Stock movement 103 (489)Cost per PGM ounce sold 7,059 5,003

Note: some shared service costs have been reclassified to operating units in 2009 due to restructuring

C1 ReconciliationH1 09 H1 08

Actual Actual

Total revenue Total revenue $m 436 907

Absorbed operating costs:Normal operations ("C1") PGMs sold K oz 537 524

Cost per ounce (gross) R/oz (7,059) (5,003)Cost Rm (3,788) (2,624)

Other operations PGMs sold K oz 47 33Cost per ounce (gross) R/oz (6,903) (9,892)Cost Rm (326) (325)

Total PGMs sold K oz 584 557Cost per ounce (gross) R/oz (7,046) (5,291)

Absorbed operating cost Cost Rm (4,114) (2,949)

FX R:$ 8.62 7.04Absorbed operating cost Cost $m (477) (419)

Unabsorbed operating overheads $m 13 (19)Operating amortisation $m (47) (46)"Platinum EBIT" (underlying) $m (75) 423

Corporate (underlying) $m (16) (36)Exploration $m (7) (16)

EBIT (underlying) $m (98) 371

38

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39