Shareholders’ presentation March 2002 Carl Grim : Managing Director Dennis Gammie : Financial Director

Earnings per share cents December 2001 2000 % Change Actual Diluted 32,7 27,6 19 Diluted headline 40,7 35,4 13 Assume debentures converted December 2000 26,8 22 40,1 34,6 16

Ratios Return on equity 14,2 14,6 Return on capital employed 17,9 19,4 December 2001 % December 2000 Return on equity 14,2 14,6 Return on capital employed 17,9 19,4 Operating income margin 4,1 3,2 Tax rate 28,2 29,4

Capital expenditure Rm December 2001 2000 Replacement 100 87 Expansion 66 218 Total additions 166 305 Depreciation (175) (132) Disposals (20) (21) Net increase/(decrease) (29) 152

Borrowings Interest bearing debt 1 514 1 571 Cash (361) (431) Net Rm December 2001 December 2000 Interest bearing debt 1 514 1 571 Cash (361) (431) Net 1 153 1 140 Floating Fixed 32% 68% 100%

Working capital Debtors 2 160 1 727 (433) 163 (270) Stock 1 104 920 Rm December 2001 June Change Translation Net change Debtors 2 160 1 727 (433) 163 (270) Stock 1 104 920 (184) 132 (52) Creditors (2 441) (2 248) 193 (170) (23) 823 399 (424) 125 (299)

Ratios Debtors days 66,5 53,1 Stock days 40,2 37,4 Creditors days 88,8 December 2001 December 2000 Debtors days 66,5 53,1 Stock days 40,2 37,4 Creditors days 88,8 83,6 Asset turnover (times) 3,0 2,8 June 2000 61,1 38,8 94,8 2,8

Working capital relative to revenue % December 2001 December 2000 June 2001 Debtors 18 14 17 Stock 9 9 9 Creditors 21 20 22

Strategy

The Aveng Group Aveng Steel Alpha & (Cement) Construction Allied 46% 100% 63% 100% 100% 100% Infrastructure & Mining Products McConnell Dowell Trident Steel Grinaker-LTA Amalgamated Steele

Turnover including Alpha [ 46% ] Turnover - six months to December 2001 Cement Steel & Allied 7% 24% 69% Construction Turnover including Alpha [ 46% ]

Segmental analysis Turnover Construction 74 75 Steel & Allied 26 25 % December 2001 December 2000 Turnover Construction 74 75 Steel & Allied 26 25 Operating income 67 65 33 35

Operating margin % December 2001 December 2000 Construction 3,7 2,8 Steel & Allied 5,3 4,4 Aveng 4,1 3,2

Geographic spread - turnover Africa/Middle East 29% South Africa (CMA) 53% 18% Australia/SE Asia

Asset turn (annualised) December 2001 December 2000 South Africa (CMA) 2,26 2,62 Africa/Middle East 1,6 1,41 Australia/SE Asia 2,42

Grinaker-LTA - full integration C Grim :Chairman P F Crowley :Managing Director H D K Jones :Deputy Managing Director W Wassermeier :2nd Deputy Managing Director (w.e.f. 1 July 2002) Underground Mining & Process Engineering Mechanical & Electrical Engineering Property Development & Concessions Civils & Earthworks Opencast Mining Building NB : Head office relocates to Jet Park

Grinaker-LTA - strategic positioning Geographic market Building a presence in selected countries and sectors in two areas of the developing world:- Africa /Middle East Australia/S E Asia Products/Services Building the globally competitive capability necessary to serve selected clients in three construction niche markets:- Energy Mining Heavy infrastructure

Grinaker-LTA strategy Product-Service Carefully defined client base Carefully defined skills base Positioning Resultant developing-world geographical spread

Recent contracts won Project name Value Village Green Casino, Durban R300 million Sasol Pipeline R1,7 billion (JV) Agostinho University, Angola R200 million (JV) Durban Harbour R270 million (JV) UAC Flats, Nigeria R90 million (JV) Dubai Hotel R760 million (JV) Pietersburg Smelter R75 million Tasmania Pipeline R240 million Marikana Mine R1.5 billion Phoenix Mine R750 million

Two year order book R (billions) December 2000 June 2001 December 2001

South Africa passenger car exports Steel & Allied South Africa passenger car exports

Aveng product – market positioning “Construction in the developing world supported locally by steel and cement”

Strategic objectives 1. Financial stability Achieved by nurturing the profit and cash generating capacity of the southern African construction, steel and cement businesses 2. Sustainable growth Achieved by building a globally competitive construction capability in a few specialised niche markets of the developing world

Vision “To build a … globally competitive construction-related group Emphasis for the next 6 – 12 months “To build a … globally competitive construction-related group focused principally on the developing world”

Global competitiveness VISION, STRATEGY & BUSINESS PLANS RISK MANAGEMENT & GOVERNANCE GLOBAL COMPETITIVENESS Systematic, ongoing & multiple-level review Clarifying purpose & direction Guiding the way “we do things around here” CORPORATE VALUES

Corporate values CORPORATE VALUES INTEGRITY “Walking the talk” DELIVERY “Making it happen” CAUTIOUS ENTREPRENEURSHIP “Getting out there & making money” QUALITY “Holding the catch” CORPORATE VALUES

Achievements Growth Revenue up 20% Order book up to R8,7 billion Hard currency revenue 47% Quality Acquisitions bedding down Debt/equity ratio 49% Operating margin 4,1%

Challenges Replicate first half financial performance Working capital management/debt reduction Alternative forms of financing/bonding Globally competitive operations Prepare for future growth/acquisitions

Moreland Millennium Bridge