1. Commercial in confidence We iterate the design to optimize work performance VCI designed and led a project to drive step change in RTIO’s strategy and operational model. It was noted in the book “The First 11” as a benchmark case study in strategic management. The program catalysed the Mine of the Future program within Rio Tinto Objective  Aiming for ~ 70Mt  No major expansion plays  No major focus on tech  Not meeting plan  Costs rising  Looking at driver trees and practice improvement THEN (late 2004)  Open minds, drilled up  Started with skunk works  Strategic Blueprint review  All ExCo and GMs engaged  2 year program ILP1  … subsequent ILP2 and beyond TRANSFORMATION WORK VCI facilitated AGA’s Africa Strategy, which led an open innovation consortium of over 65 industry and academic partners. The consortium has a 20+ year vision, framework and roadmap to guide the projects. Objective  Cost and production focus  Stem safety issues through behavioral program  Declining revenue, rising costs  Defend position – extend survival  Cost-cutting THEN  Clarify value of transformation  Establish a global network  Set up a technology consortium  Paradigm shift to continuous processes  Open IP network ensures win-win  Flex funding to commercialization TRANSFORMATION WORK NOW  Maintaining share, 300Mtpa  ROC, and global centers  Auto Haul Rail  > 100 auto trucks, 13% better than best  Lowest cost producer  Recognized global tech leaders NOW  Progressive attitude – expand reserves  Access formerly unviable reserves  End-to-end process solution  Dedicated teams implementing across organization  Entering Phase III 26

2. Commercial in confidence VCI’s proven track record Our Organizational Diagnostic has identified significant performance improvements at two of South32’s operations: At GEMCO we have identified opportunities to reduce the C1 cash cost by 10% from A$131 cents/mtu to A$118 cents/mtu We have commenced the detailed design of our recommendations with implementation due to commence in early 2015 At BECSA we have identified productivity and cost improvements worth US$1.16bn in NPV from increased free cash flow over the next 5 years Our open innovation consortium of over 35 industry and academic partners helped drive a step change in Vale’s technology for underground mining: The consortium developed 40 concepts into projects from a total of more than 150 ideas Resulted in 375% total improvement to project NPV, estimated at US$2bn over the 35 year life of the project Our Strategic Technology Roadmaps drive improved production and decrease downtime for Anadarko’s US Onshore Operations: Designed and developed the strategic roadmap for Anadarko Petroleum Corporations integrated operations to drive improved US onshore field production and optimize operations Leverage technology, innovation and collaboration we unified various aspects of the operations and identified productivity improvements and decreases in downtime worth US$ 400 million Our workshops accelerated the introduction of technology for safer, lower cost mining operations at Anglo American’s Iron Ore operations in South Africa: Projects were categorized and valued to establish a road map for implementation using a three horizon approach: 1) Engage and fix; 2). Optimize; and 3). Design Future More than 30 projects were identified over 8 broad categories ranging from pit productivity to community engagement with combined improvement to NPV of US$1.5bn

3. Commercial in confidence 3 Why VCI VCI is a leading resources industry consultancy Our global business has offices in Melbourne, New York, Perth, Johannesburg, Munich, Hong Kong, Singapore and London We work in many industries and can pull in technologies from these, but have deep expertise in mining, oil & gas, processing and sustainability Clients recognize the unique skill of VCI to facilitate drive open innovation consortiums and develop innovative solutions ranging from strategy to operations Underpinning our work is a strong foundation of analytical capability that ensures visibility of the cost of every initiative against its full value over the lifetime of the asset The value we place on partnership and collaboration is reflected in our track record of client success