UNAUDITED GROUP INTERIM RESULTS PRESENTATION 2004 For the six months ended 31 December 2003 HARNESSING THE POWER OF THE EARTH

2 CON FAUCONNIER CHIEF EXECUTIVE HARNESSING THE POWER OF THE EARTH

3 KEY FINANCIALS RevenueR 3 962m Net operating profit R 566m Headline earningsR 243m Headline earnings per share 82 cents Interim dividend per share 20 cents Sound performance despite challenging environment Headline EPS

4 HIGHLIGHTS Improved safety performance Solid operating performance from all businesses Successful start for second furnace at Empangeni Substantial strengthening of the rand (30%) mitigated by Favourable commodity markets Strong sales volumes Good cost control Solid operating performance

5 RAND STRENGTH AND COSTS Currency impact: 10c R 41 m EBIT Cost impact: administered prices fuel Ongoing cost and revenue focus Bottom line impacted by exchange rate R10.08 R7.04 average realised: 2H022H03 1H03 1H04

6 SHAREHOLDER ISSUES Change in shareholding Competition Tribunal - 5 Sep 2003 Anglo offer to minorities - 31 Oct 2003 Result: 66.6% - 8 Dec 2003 Way forward Support for Kumba growth strategy Board of directors

7 MIKE KILBRIDE EXECUTIVE DIRECTOR OPERATIONS HARNESSING THE POWER OF THE EARTH

8 SAFETY, HEALTH & ENVIRONMENT No fatalities for the period - unfortunately 1 in Jan 2004 Lost day injury frequency at all time low Strategy to achieve international safety and environmental certification at all operations by Dec 2004 Lost day injury frequency rate* Zero tolerance… key focus * per million man hours worked

9 IRON ORE MARKETS World seaborne trade increased by 50 Mtpa Continued growth of Chinese imports Strong domestic sales 18.62% price increase Freight costs soar Chinese market continues to drive growth Global seaborne market Source: CRU

10 IRON ORE OPERATIONS Continued growth in production New calendar year record at Sishen Mt Due to high exports of FY03, low stocks at Saldanha influenced exports in 1H04 New production record Total production and exports

11 OREX RAIL PERFORMANCE Excellent operating efficiencies Continued growth in tonnage railed Capacity expansion to 29 Mt in 2004 Expansion critical for further growth in exports Sishen-Saldanha rail performance TargetActual

12 COAL MARKETS International coal prices influenced by: Strong demand for thermal coal Shortage in supply of coking coal Thermal coal supply to Matimba at record levels Strong local demand from the metals market Thermal coal and coke prices (US$/t) Sources: SA Coal Report, CRU Strong demand-driven market

13 COAL OPERATIONS Record production at Grootegeluk and Leeuwpan Strong focus on cost control Production volumes Valuable earnings contributor

14 HEAVY MINERALS MARKETS Signs of recovery in pigment market Titania slag market over- supplied and under pressure Zircon and rutile demand extremely strong due to Chinese growth Zircon and pigment prices (US$/t) Source: TZMI Gradual recovery in some segments

15 HEAVY MINERALS OPERATIONS Furnace 2 successfully commissioned in Sep 2003 Furnace ramp-up ahead of schedule First chloride slag sales - 12 kt Record synthetic rutile production from Tiwest JV kt World no 3 in TiO 2 units % of design capacity Ilmenite feed rate - Ticor SA

16 ZINC MARKETS Strong US$ price recovery Strong currency depressed Rand earnings Lower treatment charges impacted on results LME Zinc metal price Treatment charge revenue Rebound in US$ zinc price indexed: 100=1H02

17 BASE METALS OPERATING RESULTS Production marginally lower due to planned maintenance shut Record Zn concentrate output Zn metal (kt) Rosh Pinah Zn conc. (kt) Zincor Continued improvement at Rosh Pinah

18 INDUSTRIAL MINERALS Dolomite sales (Mt) FeSi production (t) On track to match record FeSi production of FY03 Growing external sales of FeSi Sustained dolomite sales despite weak domestic growth

19 DIRK VAN STADEN EXECUTIVE DIRECTOR FINANCE HARNESSING THE POWER OF THE EARTH

20 REVENUE R million1H041H03% Change Iron Ore (20) Coal )5) Base Metals471485(3) Heavy Minerals - Ticor SA - Ticor Ltd Industrial Minerals433910) Other320(85) Total )5) US$/R exchange rate realised ) Ticor consolidated from 1 April 2003

21 OPERATING PROFIT / MARGIN 1H041H03% Change Rm)(%)Rm)(%)(in Rand) Iron Ore299)16)517)23(42) Coal121)14)125)15(3) Base Metals(35)47)10 Heavy Minerals - Ticor SA - Ticor Ltd (9) 48)8)8) 20) -) 13 Industrial Minerals10)23)10)26 Other132)(17) Total EBIT566)14)702)19(19) Total EBITDA886)944)(6) Margins impacted by strong Rand

22 EBIT COMPARISON Strong sales volumes Higher iron ore prices Major currency impact Good cost control Ticor Ltd consolidation impact Disposal of non-core assets R million Significant currency impact

23 CURRENCY IMPACT R million1H041H03 EBIT566)702) EBIT excluding non-core asset disposals447)702) Unrealised translation loss/(gain)6)6)150) Realised exchange rate impact622) EBIT excluding exchange rate impact1 075)852) Margin excl. exchange rate (%)27)23)

24 EARNINGS R million1H041H03% Change Net operating profit (EBIT)566)702)(19) Net financing cost(130)(123)(6) Goodwill and impairment(90)(14) Equity income(13)30) Taxation(93)(174) Profit after taxation240)421)(43) Outside shareholders interest25)1)1) Attributable earnings265)422)(37) Adjustments(22)28) Headline earnings243)450)(46) Headline earnings per share (cents)82)152)(46) Average number of shares in issue (million)298)296) Sound performance

25 CASH FLOW R million1H041H03 Opening net debt(2 374)(1 143) Net cash available606)335) Taxation and finance charges(264)(400) Dividends paid(184)(252) Net cash flow from operating activities158)(317) Net cash used in investing activities Heavy minerals project capital(270)(406) Other capital expenditure(348)(154) Investment in associate(74) Other15)7)7) Proceeds from non-core asset sales173)-)-) Share issue133)-)-) Other movements(63)90) (Increase)/decrease in net debt(202)(854) Closing net debt(2 576)(1 997) Net debt / equity ratio 41%

26 RATIOS R million1H041H03 Margin excluding captive arrangements EBIT (%)1825 EBITDA (%)2631 Net financing cost cover EBIT (times) EBITDA (times) Return on equity - attributable income (%) Net debt / equity (%)4138

27 REPORTING ISSUES Change of year end Consolidation into Anglo American plc Quarterly reports Post interim event ZnErgy Funding constraints at Zoxy Possible impairment impact: R 29 m Dividends

28 CON FAUCONNIER CHIEF EXECUTIVE HARNESSING THE POWER OF THE EARTH

29 STRATEGIC THRUSTS Iron Ore Hope Downs Northern Cape optimisation Sishen Expansion Project (SEP) Sishen South Coal RBCT Phase 5 Inyanda Coal JV (Kalbasfontein) Business Improvement Programme (BIP) Base Metals and Ticor SA Process well on track Group-wide initiative Multi-thrust programme Focused portfolio with clear strategic direction

30 OUTLOOK Business climate remains challenging Strong currency environments High oil prices Continued domestic cost pressures But, stronger commodity markets: Iron ore price increase Higher coal prices Zinc price recovery Therefore, we believe the next 6 months should be better Looking ahead

THANK YOU. HARNESSING THE POWER OF THE EARTH

32 ADDITIONAL SLIDES

33 POTENTIAL IRON ORE EXPANSION Mt design capacity Upcurrent classifier to optimise fines recovery adds 0.3 Mtpa fine ore Additional feed to fines and drum plants from July 2004, adds 0.7 Mtpa Sishen Expansion Project phase Mtpa phase Mtpa New mine at Sishen South 2008 current projects Sishen expansion Sishen South

34 COAL PHYSICAL INFORMATION Coal sales volumesCoal production volumes

35 HEAVY MINERALS PRODUCTION kt1H041H03 % change Ilmenite Zircon2528(11) Rutile912(25) Pig iron220 Scrap pig iron60 Chloride slag270 Sulphate slag200 Ticor SATicor Ltd kt1H041H03 % change Ilmenite Zircon Rutile1618(11) Synthetic rutile 11297(15) Leucoxene Pigment49

36 HEAVY MINERALS SALES kt1H041H03 % change Ilmenite Zircon2331(26) Rutile Pig iron100 Scrap pig iron30 Chloride slag120 Ticor SATicor Ltd kt1H041H03 % change Ilmenite4360(28) Zircon4045(11) Rutile Synthetic rutile Leucoxene151225

37 DEPRECIATION PER SEGMENT R million1H041H03 Iron Ore Coal7566 Heavy Minerals9028 Base Metals2318 Industrial Minerals24 Corporate412 Total320242

38 CAPITAL EXPENDITURE R millionFY04*1H041H03 Sustaining and environmental Expansion Heavy Minerals - Ticor SA Group (other) *Estimate as per FY03 annual report

39 DEBT STRUCTURE R millionDrawnUndrawnMaturity profile Long term Corporate1 263) Heavy minerals project finance 1 145) Ticor Ltd663) ) Short term533)1 466After Total debt3 604)3 071 Cash and cash equivalents(1 028) Net debt2 576)