DISCLAIMER NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN

DISCLAIMER NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO CANADA OR JAPAN OR AUSTRALIA This document is intended solely to provide certain information on Iscor Limited (“Iscor”) and Kumba Resources Limited (“Kumba”) and does not constitute a recommendation regarding the purchase or sale of the ordinary shares of Iscor and Kumba. Shareholders should seek advice from an independent financial adviser as to the suitability of any action for the individual concerned. This document does not constitute an offer or invitation to purchase any securities or a solicitation to vote in favour of the proposed transactions referred to herein. Any shareholder action required in connection with the proposed transactions is set out in the Iscor Limited circular, and any decision made by shareholders should be made only after consultation with appropriate legal, tax, business, investment, financial and accounting advisers. This document includes unaudited pro-forma financial information prepared under South African GAAP. The analyses and calculations reflected in this document do not purport to be appraisals of the assets, stock or businesses of Iscor or. Kumba. Certain statements in this document, those regarding synergies, debt, costs, dividends, earnings, returns, divestments, reserves and growth are or may be forward looking statements that are subject to risks and uncertainties associated with the assets, businesses and subsidiaries of Iscor and Kumba as well as the proposed operations of Iscor and Kumba following the proposed transactions. Actual results may differ materially from the statements made depending on a variety of factors, including successful implementation of the transactions. No representation or warranty, express or implied, is made or given by or on behalf of Iscor and/or Kumba or any of their respective directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information or opinions set out in this presentation and no responsibility or liability is accepted by any of them for any such information or opinions.

UNBUNDLING PRESENTATION NOVEMBER 2001

HANS SMITH CHAIRMAN ISCOR LIMITED 3

STRATEGIC RATIONALE · Seven-year restructuring programme in three phases now complete 4 Iscor’s own initiatives 4 Full scale re-engineering 4 Business restructuring · Now the unbundling 4 Platform for further value release 4

UNBUNDLING OF ISCOR · Creation of two focused independent entities (Iscor and Kumba) 4 Proven track records of international competitiveness 4 Excellent executive and management teams in place 4 Strong government and IDC support 4 Free to pursue growth strategies locally and internationally 5

UNBUNDLING TIMETABLE · Proxies from Iscor shareholders 19 November 2001 · Iscor general meeting 21 November 2001 · Kumba listing 26 November 2001 6

AFRICA’S DOMINANT STEEL PRODUCER NOVEMBER 2001

LOUIS VAN NIEKERK CHIEF EXECUTIVE OFFICER ISCOR LIMITED 8

STRUCTURE POST UNBUNDLING ISCOR Flat Products Long Products Other • Vanderbijlpark • Newcastle • Suprachem • Saldanha • Vereeniging • Other * 66% 28% Revenue * Iscor has undivided share in Sishen’s iron ore rights entitling it to 6. 25 Mtpa for life of mine 6% 9

OVERVIEW OF OPERATIONS Flat Products Thabazimbi · Vanderbijlpark 2. 7 Mtpa final product · Saldanha 0. 9 Mtpa final product Vanderbijlpark Johannesburg Vereeniging Long Product · Newcastle Sishen Newcastle 1. 4 Mtpa final product · Vereeniging Durban South Africa 0. 3 Mtpa final product ISCOR TOTAL 5. 3 Mtpa final product Saldanha Cape Town Iron ore supply 6. 25 Mtpa iron ore from Sishen 2 Mtpa iron ore from Thabazimbi * Based on 2000/01 actual sales 10

STRATEGY Industry consolidation Global partner Restructuring of RSA steel industry Market optimisation Operational excellence Saldanha Steel value release Continuous improvement 11

OPERATIONAL EXCELLENCE Improvements since re-engineering commenced in 1994 Vanderbijlpark 2001 Cash cost - HRC $/t - Billet $/t Position on cost curve CRU rank Headcount Employees Through-yield 185* Improvement Newcastle 2001 Improvement 24% 141* 8 th* 44% 4 th* 8 700 48% 3 400 46% % 82 4% 87 1% On time delivery % 85 124% 91 15% Prime output % 88 11% 98 - * Source : CRU 1999 & 2000 reports 12

OPERATIONAL EXCELLENCE (L O W C O S T P R O D U C E R) · Low input costs Cost curve 4 Power 1 st quartile 4 Coal 2 nd quartile 4 Iron ore 1 st quartile 4 Labour 1 st quartile · Modernised plant and processes · High efficiency levels · 70% Rand based cost 13

OPERATIONAL EXCELLENCE (C O S T R E D U C T I O N P O T E N T I A L) · Iron ore procurement benefit · Further re-engineering savings · Impact of depreciating currency Improvement on cost curve expected 14

OPERATIONAL EXCELLENCE (S A L D A N H A T U R N A R O U N D) Continuous improvement Break-through Cash in on Corex refractory repair 1. 3 Mtpa $180/t Stabilise/plant availability $18/t 1. 1 Mtpa $190/t 0. 95 Mtpa Ramp-up $13/t $204/t Cash cost $9/t Price premium Jun ‘ 02 Real terms at exchange rate of R 9. 00/$ Including $12/t HRC iron ore benefit Jun ‘ 03 Dec ‘ 03 15

OPERATIONAL EXCELLENCE (S A L D A N H A T U R N A R O U N D C H A L L E N G E) · Iscor management responsibility from January 2001 · Re-engineering credentials · Fast track programme in place · Project ahead of schedule · Synergies flow from integration 16

OPERATIONAL EXCELLENCE (S A L D A N H A I N T E G R A T I O N) · Cost for IDC’s 50% 4 20 million post-unbundling Iscor shares 4 10 million Kumba shares 4 Less: IDC R 250 million cash contribution · Value 4 Synergy benefits 4 State-of-the-art plant 4 Low cost producer 4 Premium price product 4 High potential payback 4 Ungeared balance sheet Challenge – achieving turnaround and synergies 17

MARKET OPTIMISATION (D O M E S T I C / E X P O R T S A L E S M I X) · 51% of sales volume exported · Domestic pricing at import parity · Significant historic domestic/export margin differential · Historic average domestic volume growth multiplier: > 2 x GDP growth above 2% · Economic policy “medicine” has set base for sustained domestic economic growth Potential for greater % high margin domestic sales 18

MARKET OPTIMISATION (C A P T U R I N G R A N D W E A K N E S S) · Domestic sales priced at import parity · Effectively total sales at $ related prices · Only 30% of total input costs $ denominated Significant leverage from Rand weakness 19

MARKET OPTIMISATION (S T E E L P R I C E C Y C L E) 450 CRU MBR Mid cycle (CRU, MBR, WSD 10 yr. av. ) 350 300 250 215 200 150 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 $/t HRC net FOB Durban 400 1994 1995 1996 1997 1998 1999 Price expected to recover from current low 2000 2001 2002 20

MARKET OPTIMISATION (E X P O R T M A R K E T S) 35% · · 51% of sales volume exported Products Good spread of 6% 3% 1% 4 Products 2% 6% 4 Destinations · 13% 2% 6% Current duties 12% 4 USA hot rolled - 15. 6% 4 EU hot rolled - 5. 2% · 7% 5% Recent cases in favour of Iscor 4 USA - wire rod 4 Canada - cold rolled 2% Destinations for Q 3 2001 38% 9% 12% 13% 19% 9% 21

INDUSTRY CONSOLIDATION (R A T I O N A L I S I N G S A S T E E L I N D U S T R Y) Potential synergies Flat Products production 67% · Replacement capital > R 1 billion · Costs/revenue > R 300 mpa 25% 92% 8% Long Products production 41% 11% 52% 15% 12% 15% 6% 22

INDUSTRY CONSOLIDATION (I N T R O D U C I N G G L O B A L P A R T N E R) · Access to 4 Technology 4 Markets 4 Skills and training · Assistance in driving costs down further · Discussions with potential partners continuing 23

MALCOLM MACDONALD CHIEF FINANCIAL OFFICER ISCOR LIMITED 24

PROFIT RECORD Operating profit excluding Saldanha (LHS) Operating profit including 100% Saldanha (LHS) Iscor HRC FOB price (RHS) Rm 1 000 $/t HRC 965 350 900 827 763 300 700 250 574 500 288 275 300 239 150 100 -100 50 (157) -300 1994/95 1995/96 Adjusted for Sishen iron ore supply 1996/97 1997/98 1998/99 (268) 1999/00 0 2000/01 25

PROFIT LEVERAGE POTENTIAL · Iron ore procurement · Vanderbijlpark further re-engineering · Saldanha turnaround · Sales mix shift from export to domestic · Price cycle recovery · Exchange rate 26

RIGHTS ISSUE RATIONALE · Retention of iron ore ownership in Iscor a condition to unbundle · Optimise shareholder value - Kumba market rating higher than Iscor · Kumba value maintained by transferring debt from Kumba to Iscor · Higher debt in Iscor not bankable, hence R 1. 67 billion rights issue · Fully underwritten · Shareholders avoid dilution by following rights 27

FINANCIAL STRUCTURE Pro-forma as at 30 June 2001 Including rights issue Shareholders’ equity (Rm) 9 972 Net debt (Rm) 1 811 Debt/equity ratio (%) 18 EBITDA interest cover (times) 3. 3 28

LOUIS VAN NIEKERK CHIEF EXECUTIVE OFFICER ISCOR LIMITED 29

INVESTMENT CASE · Low cost producer · Iron ore ownership · Naturally protected domestic market · Significant potential earnings leverage from 4 4 R/$ weakness 4 Switch from export to domestic sales 4 Saldanha turnaround and synergies 4 · Recovery in steel prices Further efficiencies at other plants Benefits from potential consolidation of South African steel industry 30

HANS SMITH CHAIRMAN ISCOR LIMITED 31

CONCLUSION · Declared 1994 strategy successfully implemented · Creation of two independent focused internationally competitive entities · Value release through unbundling · Competent and motivated management teams in place · Immediate opportunities for future earnings growth 32