Mining Division Overview - The Vault Optimised project pipeline aligned to LOBP Improved ore reserves, improved flexibility Face length and required replacement rate to support production

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Mining Division Overview Mark Munroe, EVP Mining July 2013

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Lonmin Mines & Projects in the Bushveld Complex

Approximate schematic locations of Lonmin Mineral ResourcesApproximate schematic locations of Lonmin Mineral Resources

Limpopo

Marikana

Loskop

Pandora

Akanani

N0 100 km

N0 100 km

Eastern Limb

Western Limb

Northern Limb

Bethal Limb

2

Pretoria Johannesburg

Rustenburg

Lydenburg

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Mining Operational Strategy

Lower Cost

producer C

Motivating and developing our People to deliver the LTP objectives efficiently

Moving down the industry Cost curve

Industry Best

Safety Record

Motivated &

Effective People

Consistent

Production

S

P

P

Achieve the Mining Industry’s Best Safety Record

To hoist consistent, predictable Production according to an optimised LTP based on

mine extraction strategy Through…

Leading to…

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Safety

To achieve the Mining Industry’s Best Safety Record

4

Industry Best

Safety Record

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Roll out nets in all stopes Roll out ALLERT Introduce care and growth principles Implemented “together we can”

One day team training Start improving underground conditions Embed Lonmin Life Rules

Safety rep training and involvement All employees fully empowered in terms of Section 23 Further improve underground conditions Introduce “Line Of Sight”

Three day team training Supervisory training for Shift supervisors and Miners Roll out of in-stope roof bolts to all panels Critical behaviours related to Lonmin Life Rules

Safety Overview Safety Performance & Journey

5

No Fatality

No Repeats

Zero Harm

2010

2011

2012

2013

Strategic Enablers Culture Transformation

Framework Safety Representative

training Adoption of Leading

Practice Community

programmes

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More colours Main colours Safety Overview Lonmin Group LTIFR

6

YTD

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Leaders in the under ground hard rock industry

Safety Overview Platinum Industry Fatality Rate

7

*Bushveld Safety Forum

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• Best ever LTIFR for Lonmin (3.66 YTD)

• Health and Safety Agreement signed with all stakeholders, including AMCU

• Two fatal accidents during April 2013, which occurred after Lonmin’s longest fatal free period in company history between 2 June 2012 and 26 April 2013

• Lonmin plays a leading role in health & safety in the industry with senior representation on the Mine Health and Safety Council

• Lonmin received various commendations and awards for safety achievements

Safety Overview

8

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More colours Main colours Safety Achievements Health and Safety Agreement signed

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• 6 Million FFS Lonmin Mining (2009, 2011,2012 & 2013)

• 7 Million Karee 1B & 4B Mine

• 14 000 000 Million FOG FFS Rowland Mine

• 16 Million FOG FFS Lonmin Mining

• 6 Million FFS Karee

• 3 Million FFS Middelkraal

Safety Achievements AMMSA Millionaires

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More colours Main colours Safety Achievements Mine Safe Awards 2012

Most improved Company and Top Mine for 2012 11

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Production

To hoist consistent, predictable Production according to an optimised LTP based on mine extraction strategy

12

Consistent

Production

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Surface Aeromagnetic anomaly

Geological Structures

Development

Stoped out face

Mining Legend

Dykes

f Major Faults

OutcropSlump

U16UG2 OUTCROP

U17

U13c

U9B

U3

U4

U5

U2

U13b

U13c

U13a

U12

U14

U15

U14

LATILLA

U13

U5U6

U7a

U7 U9U8U9a

U11

U10UG2 OUTCROP

f

f

f

f

f

f

f

f

f

f

f

f

4E

3E3W

32E

33E

30E

30W

31W

32W

33W

4W

5W

3W

2W

9W

8W

6W

7W

10W 11W

3W

6E

5E

4E

3E

4W

3E

7E8E

3W

4W

6W

6E

4E

5E

5W

9E

10E

9W

10W

15W

16W

17W

19W

14W

18W

21W

20W

12E

13W

12W

22W

23W

23E

22E

24E24W

4W

2W

5W

8W

3E

3W

9W

10W

7W

4E

3E

8E

9E

5E

6E

7E

2E

10E10E

31E

30E

32E

33E

31E

26W

27W

28W

29W

30W

31W

13E

12W

11W

11E

18E

15W

25W

24W

17W

19W

22W

23W

21W

20W

18W

16W

21E

17E

16E

14E

15E

20E

19E

20W

5W

4W3W

4E

7W

6W

5E

9E

8W

7W

26E

30E

31E

29E

27E

28E

24E

25E

23E

6W

5W

4W3E

4E

3E

5E

9W 8W

7E

8E

9E6E

10W

22E

21E

16E

15E

7W7E

12W

13W

7E

14W

11W

10E

12E

11E

20E

18E

19E

17E14E

10E9E

8E

7E

6E5E

6W

5W

7W

8W

8E

7E

9W

11W

14W

16W

13E

14E

16E

17E

18E

17W

18W

12W

19W

11E

15E

12E

15W

13W

8W

9W

10W

8E

9E

12E

10E

13E

11E

HW V

PANDORA DEEPS

PANDORA SHALLOWSHW SI

1 SHAFT

SAFFY SHAFT

INC SHAFT

K5 SHAFT

K4 SHAFT

4B INC SHAFT

ROWLAND SHAFT

K3 SHAFT

SHAFT

MK2 SHAFT

MK3 SHAFT

E1 INC SHAFT

HOSSY

NEWMAN

E2 INC SHAFT

E3 INC SHAFT

Shallow inclines

1st generation

verticals

2nd generation

verticals

3rd generation

verticals

VP-WESTERNS

VP-EASTERNS+PANDORA

3W4W

5W

VP Area of ResponsibilityNormal Reef Facies

Strategic Domains

Split reef facies

UG2 GEOLOGICAL DOMAINS

High Risk Domain

SD: 1032

SC: 200 000

MO: est. 2050

ROWLAND

SD: 489

SC: 120 000SD: 804

SC: 200 000

SAFFYSD: (Feasibility study)

SC: 120 000

PANDORA SHALLOWS

SD: 349SC: 80 000

MO: est. 2040

SD: 345SC: 80 000

MO: est. 2025

E2 BELT

SD: 396SC: 80 000

MO: est. 2013

E1 BELT

SD: 322SC: 90 000

MO: est. 2013

1 SHAFT

SD: 445SC: 160 000

MO: est. 2023

4B INCLINE

SD: 809

SC: 290 000

K3

SD: 1331

SC: 225 000

K4

KEY

SD: 396SC: 120 000

MO: est. 2018

NEWMAN

PANDORA JV)

SCALE

0 Km 1 Km 5 Km 10 Km

HOSSY

E3 BELT

SD

SC

Shaft Depth below Collar

Shaft Capacity (Reef Tonnes)

MO Expected to be Mined Out by

(INCLUDING

Marikana Shaft Overview Oct 2012

MO: est. 2033

¥

#

MO: est. 2042

Includes Middelkraal Mineral Reserves

Excludes Newman Merensky Mineral Reserves

LEGEND

*

¥

#

MO: est. 2044

MO: est. 2052

MO: est. 2062

24 OCT 2012

FY13 MINE EXTRAC_SHAFT OVERVIEW

Mining Production Overview Marikana Operations

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More colours Main colours Mining Production Overview Ratio of UG2 to Merensky

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W1

E1

E2

E3 Hossy

Saffy

Newman

End of life Steady State up to 30+ years FS Access development Ramp-up

Reef

Pro

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% o

f C

ap

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y*

Shaft Life Cycle

Multiple shafts moving towards steady state production provides a strong platform for unit cost reduction

Replacement projects keep current operations at steady state for longer

* Capacities indicative of life cycle only

High Cost and Capital Requirement Low Unit Cost Increased Unit Cost

Karee Easterns Middelkraal Pandora Westerns

Mining Production Overview Shaft lifecycle of Marikana Mines

100%

0%

Reef

Pro

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on

% o

f C

ap

acit

y*

15 Balanced portfolio to maintain output

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Optimised project pipeline aligned to LOBP

Improved ore reserves, improved flexibility Face length and required replacement rate to support production profile

Formalisation Embedded Lonmin Operating Model Removal of

technical bottlenecks

Mining Production Overview Ore-body Management

LTP

Optimisation

Continued half level optimisation Focus on key operations

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OPERATIONAL IMPROVEMENT: An integrated approach

Operating work practices

•Systems

•Recognition / reward

•SOP's

•Standards/procedures

•Accident investigation

Business

Optimisation

•Best practice

•Theory of Constraints

•1/2 level optimisation

•Blast frequency

•Induction

•Apply proven technologies

Leadership Development

•Leadership staircase

•Care & Growth

•Supervisor development

•Learner officials

•Graduates

Employee

Development

•Technical competence

•Mindset

•Team effectiveness

•Life Skills

•Development

•Health

Communication

•Direct workforce engagement

•Effective feedback channels

Community

•Affected by crime

•Refuse removal

•Accommodation

•Education

Cu

ltu

re o

f H

igh

Pe

rfo

rman

ce &

Car

e

COMPETENCY VALUE

Lonmin Strategy

Mining Strategy Value Creation shared with

all Stakeholders

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More colours Main colours Mining Production Overview Increased Ore Reserves

18 Healthy level providing optionality

101%

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Saffy Vertical Shaft – Cross Section

9 10 11

12 13 14

15 16 17

18 19 20

21 22

23 24

25

940m +/-260m Depth

Upcast Shaft

+/-840m Depth

RAW

Upcast Shaft

Saffy Shaft

Surface

26 27

28 29

+/-1250m Planned Depth

Cross Section through Saffy Shaft Not to scale

General Information Depth - 840m Levels - 10 Capacity - 200ktpm Reef Life of shaft - 20+ years

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180 342

206 161217 631

271 299

325 932

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

FY 09 FY 10 FY 11 FY 12 FY13 H1

Squ

are

Me

tre

s (m

2 )

Saffy Ore Reserves (m2)

Marikana Production Overview Saffy Shaft – Increased Ore Reserves

81%

20 Clear indications of green shoots

14.8 months *

* Months Ore Reserve = Total m2 Ore Reserve

Ave of next 6 months m2

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More colours Main colours Saffy Shaft Opportunities and Challenges

Opportunities

• Additional ore reserve on 19 and 20 level to accommodate additional stoping crews

• Improve output per stoping crew

• Optimisation of current half levels to accommodate more stoping crews per half level and increase output

Challenges

• Poor ground conditions in the vicinity of the major geological features

• Thick middling to the leaders requires a very stringent support regime and negatively impacts on stope advance rates

• Maturity and competence of line management

• Constraints resulting from the legacy of sub optimal designs for infrastructure

• Current efficiencies not meeting expectations

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More colours Main colours Hossy Shaft Opportunities and Challenges

Opportunities

• Increase proportion of hybrid mining

• Accelerate re-build programme for XLP machines

• Develop additional ore reserve below 14 level

• Mine the iron-rich ultra mafic pegmatite area to the west of the shaft

Challenges

• Performance of XLP machines continue to disappoint

• Locked in to on reef access on upper levels

• Mobilising hybrid stoping crews

• Maintaining tip to face distances to an acceptable limit

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People

Achieving production goals through motivating and developing our People to deliver the LTP objectives efficiently

23

Motivated &

Effective People

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CEO

Mark Munroe

EVP Mining

VP Middelkraal VP Karee VP Westerns VP Easterns

Hossy Saffy Opencast

Fin

HR &

Eng

MTS

SHE

Management

Positions

Tech

Serv

HR &

Eng

SHE

Fin

Functional

HOD

EVP: Operational Center team

Direct reporting to EVP

VP: Business Unit team

Direct reporting to VP

Mining Structure (Before Restructuring)

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CEO

Mark Munroe

EVP Mining

VP Middelkraal VP Karee VP Westerns VP Easterns

Hossy Saffy Opencast

Fin

HR &

Eng

MTS

SHE

Management

Positions

Tech

Serv

HR &

Eng

SHE

Fin

Functional

HOD

EVP: Operational Center team

Direct reporting to EVP

VP: Business Unit team

Direct reporting to VP

Mining Structure (After Restructuring)

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Mining Structure (Post Restructuring)

EVP Mining

VP Karee

K3

K4

1B/4B

VP Westerns

Rowland/W1

Newman/

Hossy

VP Easterns

Saffy/E1

E2/E3/JV

Opencast

Group Safety Mining

Safety

Group Tech Services

Group Capital

Projects

HO Group Engineering

MRM

E&DM

Limpopo HC Finance Optimisation/

Strategy

OPS Strategy

Best Practice

Training

Mining/Eng

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Understanding our People

• Live close to operations, in secondary home, but primary home often elsewhere

• Income often supporting more than one household

• Inadequate provision of services to local settlements

• Water & sanitation

• Refuse removal

• Crime & violence

• Many are searching for an identity in their work lives

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How do we Address this?

• Leadership development

• Team development

• Care and Growth philosophy

• Financial literacy education

• Implementation projects such as:

• Refuse removal

• Alternative shift cycles

• Facilitating longer rest periods so that migrant employees have the opportunity to return home

• Easier access to financial services

• ATM’s

• Money transfers

• Financial advice

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Employee Relations Update

• AMCU is the majority union in the category 4-9 bargaining unit – 71%

• Interim agreement concluded with AMCU allowing them limited organisational rights and representatives at operational level

• AMCU has representation in all engagement forums at operational level

• Existing binding agreements with other unions still in force for supervisory bargaining unit – AMCU is not sufficiently representative at this level

• NUM derecognition process underway

• Legal process by way of arbitration at the CCMA is unfolding

29 Potential for disruption

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Cost

Motivating and developing our people to deliver the LTP objectives will lead to moving down the industry Cost curve

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Lower Cost

producer

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Financial

Wellbeing

& Growth

Standardise systems & processes

Internal/external benchmarking (unit cost reduction) Total cost of ownership

Move down cost curve relative to competitors Market leading margins

Optimise value Integration opportunities

Cost Overview An Outcome of Safe, Efficient Production

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Cost Overview Shaft Head Cost YTD

32 Unit costs under pressure at ramp up operations

Karee Westerns Middelkraal Easterns

Actual 615 650 833 656

300

400

500

600

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800

900

Rand per Tonne - YTD March 2013

K3 4 Belt & 1B Incline Rowland Newman Saffy Hossy E1 E2 Total E3

Actual 617 568 676 582 910 751 611 701 673

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Rand per Tonne - YTD March 2013

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More colours Main colours In Conclusion We aim to achieve…

• Delivery of our operational strategy

• Zero harm

• Delivery of our production targets

• Tight cost management

• Improved relationships with our people/employees and other stakeholders

• Delivery on our transformational initiatives & goals

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Lonmin Mining Team Leadership Philosophy

• We are a mining company that believes our business is about people – we inherently believe that the way we treat, develop, grow and demand accountability at all levels within the organisation is the heart of our challenge, and this will deliver long-term sustainable results

• Productivity leaders of today will be tomorrow’s industry champions!

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Success breeds Success

Together we can! 35

Employee achievements in areas ranging from safety performance to production output to sporting achievements are combining to create a Champion Organisation

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Appendix

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The Operational Flow

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38

Disclaimer

This presentation, which is personal to the recipient, has been issued by Lonmin. This presentation includes forward-looking statements. All statements other than statements of historical fact included in this announcement, including without limitation those regarding Lonmin's plans, objectives and expected performance, are forward-looking statements. Lonmin has based these forward-looking statements on its current expectations and projections about future events, including numerous assumptions regarding its present and future business strategies, operations, and the environment in which it will operate in the future. Forward-looking statements generally can be identified by the use of forward-looking terminology such as 'ambition', 'may', 'will', 'could', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek' or 'continue', or negative forms or variations of similar terminology. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors related to Lonmin, including, among other factors: (1) material adverse changes in economic conditions generally or in relevant markets or industries in particular; (2) fluctuations in demand and pricing in the mineral resource industry and fluctuations in exchange rates; (3) future regulatory and legislative actions and conditions affecting Lonmin's operating areas; (4) obtaining and retaining skilled workers and key executives; and (5) acts of war and terrorism. By their nature, forward-looking statements involve risks, uncertainties and assumptions and many relate to factors which are beyond Lonmin‘ control, such as future market conditions and the behaviour of other market participants. Actual results may differ materially from those expressed in forward-looking statements. Given these risks, uncertainties, and assumptions, you are cautioned not to put undue reliance on any forward-looking statements. In addition, the inclusion of such forward-looking statements should under no circumstances be regarded as a representation by Lonmin that Lonmin will achieve any results set out in such statements or that the underlying assumptions used will in fact be the case. Other than as required by applicable law or the applicable rules of any exchange on which Lonmin's securities may be listed, Lonmin has no intention or obligation to update or revise any forward-looking statements included in this presentation after the publication of this presentation. This presentation is for information only and does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase, any shares in Lonmin or any other securities, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied upon in connection with, any contract or investment decision related thereto. Information supplied by host presenters may not be used, referenced or published without the prior written consent of the author of the presentations.

Documents

Mining Division Overview - The Vault Optimised project pipeline aligned to LOBP Improved ore reserves, improved flexibility Face length and required replacement rate to support production