Results presentation. 21 & 22 February for the half-year ended 31 December 2017 *

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1 Results presentation for the half-year ended 31 December 2017 * 21 & 22 February 2018 * released on SENS on 21 February 2018

2 EXECUTIVE MANAGEMENT TEAM 2 Charles Walters Chief Executive Officer Ross Davies Chief Financial Officer Tiaan van Aswegen Director : Operations and growth Patrick Sacco Director : Marketing

3 GROUP STRUCTURE 3 Boleng Trust Fricker Rd & Assore Employee Trusts Oresteel Investments (Pty) Ltd Public Shareholders 14% 12% 52% Assore Ltd 22% 50% 100% 100% 29% Assmang Assore Operations Assore Services IronRidge Khumani Beeshoek Black Rock Dwarsrivier RMDC (56%) Ore & Metal Minerais (51%) Exploration Cato Ridge Machadodorp Sakura (54%) CRA (50%) ZCM Wonderstone African Mining and Trust (AMT)

4 GROUP PROFILE 4 Assmang (50%) Iron Ore Mines Beeshoek and Khumani Manganese Ore Mines Nchwaning and Gloria SA 17.5 million mt Iron ore 85% export SA 3.3 million mt Manganese ore 90% export Cato Ridge Works SA 70 kt High carbon FeMn 95% export Cato Ridge Alloys (50%) SA 60 kt Med carbon FeMn 90% export Sakura Ferro Alloys (54%) Malaysia 220 kt High carbon FeMn 99% export Assore Operations (100%) Dwarsrivier Mine SA 1.5 million mt Chrome ore 95% export Wonderstone SA 5,000 mt Pyrophyllite 90% export Assore Services (100%) Ore & Metal Sales marketing and logistics services to Assmang and Assore operations AMT Technical and management services to Assmang and Assore operations Iron Ridge (29.5%) Iron Ridge AIM-listed exploration company

5 SAFETY HIGHLIGHTS 5 Zero fatalities in the period 6 million fatality-free shifts at Black Rock manganese mines Assmang safety awards (2017) Black Rock Manganese Mine 1 st place for best safety performance in underground mines* 2 nd place for bet environmental performance for its rehabilitation project on the Gamagara riverbank* Beeshoek Iron Ore Mine 1 st place for best safety performance for base metal mines* 2 nd place for best year-on-year safety improvement* Best safety performance award for achieving 16,000 fatality-free production shifts # Khumani Iron Ore Mine 1 st place in the health and wellness category for its wellness peer educators programme* *Awarded at the annual Mine Safe conference, arranged by the industry, the DMR and labour # Awarded by the DMR

6 RESULTS HIGHLIGHTS 6 Headline earnings up 12% on 2016 (first half of 2017 financial year (refer Note below)) Synchronised growth in the group s markets Prices for iron and manganese ores marginally better than 2016, but Rand 6% stronger Black Rock expansion project still on track for completion in 2020 (84% complete, 4 million mt) Capital Expenditure (for 6 months) Assmang Assore Operations R1 166 million (2016: R1 154 million) R167 million (2016: R38 million) Mining cost increases per ton below inflation in all operations Free cash flow after capex R1 554 million (2016: R1 730 million) Dividend increased to R10 per share (2016: R6 per share) Note: unless otherwise stated, 2016 refers to the half-year ended 31 December 2016

7 RESULTS HIGHLIGHTS 7 17% Revenue R3 842 m 10% Profit before tax R1 024 m 11% Attributable earnings R2 454 m 12% Headline earnings R2 429 m 3% Cash generated by operations R983 m 4% Free cash flow (before dividends) R2 314 m 11% EPS R % DPS R10.00

8 SALES VOLUMES ( 000 metric tons, 100% basis) 8 Commodity Half year ended 31 December 2017 Half year ended 31 December 2016 % change Iron Ore % Manganese Ore* * excluding sales to Cato Ridge Works % Manganese Alloys % Chrome Ore %

9 AVERAGE INDEX PRICES (USD) 9 Commodity Half year ended 31 December 2017 Half year ended 31 December 2016 % change Iron Ore (62% Fe CFR China) USD/mt Manganese Ore (44% Mn CIF China) USD/dmtu Chrome Ore (44% Cr CIF China) USD/mt % % %

10 ATTRIBUTABLE EARNINGS (R m) Assmang 50% Assore Services Assore Operations June 2014* June 2015* June 2016* June 2017* December 2017 * full-year results

11 HEADLINE EARNINGS (R m) v IRON ORE PRICE (USD/mt) H1 H2 Iron ore index price (RHS) June 2014 June 2015 June 2016 June 2017 December

12 HEADLINE EARNINGS & DIVIDEND DECLARED (R m) Headline Earnings Dividend (Gross) June 2014* June 2015* June 2016* June 2017* December 2017 * full-year results

13 ATTRIBUTABLE EARNINGS BY COMMODITY 13 R million December 2017 (2017*) Iron Ore Manganese Chrome Ore Other % (21%) 2%(5%) 39% (48%) % (26%) June 2014* June 2015* June 2016* June 2017* December 2017 * full-year results * full-year results

14 R million CASH FLOW ANALYSIS Net cash 30 Jun 2017 Operating cash flows before WC Working capital Net interest earned Assmang dividends Dividends paid (net) Taxation paid Net additions to PPE and intangibles Net cash 31 Dec 2017

15 MARKET TRENDS

16 Mt World crude steel output increases by 5.3% in 2017 World Rest of World China Source: Worldsteel.org

17 Percentage Crude steel production annual growth trend 25 World Rest of World China Source: Worldsteel.org

18 IRON ORE PRICE (Fe 62% Fines CFR China USD / mt) Fe 62% Source: Platts

19 IRON ORE LUMP PREMIUM (USD / mt monthly average) Lump Prem $/ton Source: Platts

20 MANGANESE ORE PRICES (USD / dmtu) % Semi Carbonate (FOB PE) 44% Oxide (CIF China) Source: Metal Bulletin

21 MANGANESE ALLOY PRICES (USD / mt) HCFeMn MCFEMn SiMn Source: CRU

22 CHROME ORE PRICES (USD / mt) % Conc UG Source: CRU

23 OUTLOOK

24 OUTLOOK 24 Improved world economic growth (expected 3,7%) World economic growth appears to be well synchronised Prices in the short-term are expected to remain strong Good demand expected for high-quality raw materials Recent political events perceived to be positive for South Africa - regulatory uncertainty negative for the industry

25 QUESTIONS

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