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. D I S C L A I M E R

U N B U N D L I N G P R E S E N T A T I O N N O V E M B E R

3 H A N S S M I T H C H A I R M A N I S C O R L I M I T E D

4  Seven-year restructuring programme in three phases now complete  Iscor’s own initiatives  Full scale re-engineering  Business restructuring  Now the unbundling  Platform for further value release S T R A T E G I C R A T I O N A L E

5 U N B U N D L I N G O F I S C O R  Creation of two focused independent entities (Iscor and Kumba)  Proven track records of international competitiveness  Excellent executive and management teams in place  Strong government and IDC support  Free to pursue growth strategies locally and internationally

6 U N B U N D L I N G T I M E T A B L E  Proxies from Iscor shareholders19 November 2001  Iscor general meeting21 November 2001  Kumba listing26 November 2001

A F R I C A ’ S D O M I N A N T S T E E L P R O D U C E R N O V E M B E R

8 L O U I S V A N N I E K E R K C H I E F E X E C U T I V E O F F I C E R I S C O R L I M I T E D

9 S T R U C T U R E P O S T U N B U N D L I N G * Iscor has undivided share in Sishen’s iron ore rights entitling it to 6.25 Mtpa for life of mine OtherFlat ProductsLong Products 66% 28%6% Revenue Vanderbijlpark Saldanha Newcastle Vereeniging Suprachem Other * ISCOR

10 O V E R V I E W O F O P E R A T I O N S Flat Products  Vanderbijlpark  2.7 Mtpa final product  Saldanha  0.9 Mtpa final product Long Product  Newcastle  1.4 Mtpa final product  Vereeniging  0.3 Mtpa final product ISCOR TOTAL  5.3 Mtpa final product Iron ore supply  6.25 Mtpa iron ore from Sishen  2 Mtpa iron ore from Thabazimbi Vereeniging Johannesburg Newcastle Sishen Vanderbijlpark Thabazimbi Saldanha Cape Town Durban * Based on 2000/01 actual sales South Africa

11 S T R A T E G Y Industry consolidation Market optimisation Continuous improvement Saldanha Steel value release Market optimisation Restructuring of RSA steel industry Global partner Operational excellence

12 VanderbijlparkNewcastle 2001Improvement2001Improvement Cash cost- HRC - Billet $/t 185*24% 141*44% Position on cost curve CRU rank8 th* 4 th* HeadcountEmployees % % Through-yield%824%871% On time delivery%85124%9115% Prime output%8811%98 - O P E R A T I O N A L E X C E L L E N C E Improvements since re-engineering commenced in 1994 * Source : CRU 1999 & 2000 reports

13 O P E R A T I O N A L E X C E L L E N C E (L O W C O S T P R O D U C E R)  Low input costsCost curve  Power1 st quartile  Coal2 nd quartile  Iron ore1 st quartile  Labour1 st quartile  Modernised plant and processes  High efficiency levels  70% Rand based cost

14 O P E R A T I O N A L E X C E L L E N C E (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

15 O P E R A T I O N A L E X C E L L E N C E (S A L D A N H A T U R N A R O U N D) Real terms at exchange rate of R9.00/$ Including $12/t HRC iron ore benefit Jun ‘02Jun ‘03Dec ‘03 Cash in on Corex refractory repair Break-through Stabilise/plant availability 0.95 Mtpa Continuous improvement $204/t $9/t 1.1Mtpa $190/t $13/t 1.3 Mtpa $180/t $18/t Ramp-up Cash cost Price premium

16  Iscor management responsibility from January 2001  Re-engineering credentials  Fast track programme in place  Project ahead of schedule  Synergies flow from integration O P E R A T I O N A L E X C E L L E N C E (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)

17  Cost for IDC’s 50%  20 million post-unbundling Iscor shares  10 million Kumba shares  Less: IDC R250 million cash contribution  Value  Synergy benefits  State-of-the-art plant  Low cost producer  Premium price product  High potential payback  Ungeared balance sheet O P E R A T I O N A L E X C E L L E N C E (S A L D A N H A I N T E G R A T I O N) Challenge – achieving turnaround and synergies

18 M A R K E T O P T I M I S A T I O N (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: > 2x GDP growth above 2%  Economic policy “medicine” has set base for sustained domestic economic growth Potential for greater % high margin domestic sales

19 M A R K E T O P T I M I S A T I O N (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

20 M A R K E T O P T I M I S A T I O N (S T E E L P R I C E C Y C L E) $/t HRC net FOB Durban CRU MBR Mid cycle (CRU, MBR, WSD 10 yr. av.) 215 Price expected to recover from current low

21 Products 35% 6% 3% 1% 6% 2% 6% 12% 7% 2% 13% M A R K E T O P T I M I S A T I O N (E X P O R T M A R K E T S)  51% of sales volume exported  Good spread of  Products  Destinations  Current duties  USA hot rolled %  EU hot rolled - 5.2%  Recent cases in favour of Iscor  USA - wire rod  Canada - cold rolled Destinations for Q % 9% 12% 13% 19% 9% 5%

22 I N D U S T R Y C O N S O L I D A T I O N (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) Flat Products production Long Products production Potential synergies  Replacement capital > R1 billion  Costs/revenue > R300 mpa 67% 25% 8% 92% 52% 41% 11% 15% 12% 15% 6%

23 I N D U S T R Y C O N S O L I D A T I O N (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  Technology  Markets  Skills and training  Assistance in driving costs down further  Discussions with potential partners continuing

24 M A L C O L M M A C D O N A L D C H I E F F I N A N C I A L O F F I C E R I S C O R L I M I T E D

25 P R O F I T R E C O R D Adjusted for Sishen iron ore supply Operating profit excluding Saldanha (LHS) Iscor HRC FOB price (RHS) Operating profit including 100% Saldanha (LHS) (157) (268) /951995/961996/971997/981998/991999/002000/ $/t HRC Rm 1 000

26  Iron ore procurement  Vanderbijlpark further re-engineering  Saldanha turnaround  Sales mix shift from export to domestic  Price cycle recovery  Exchange rate P R O F I T L E V E R A G E P O T E N T I A L

27 R I G H T S I S S U E R A T I O N A L E  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 R1.67 billion rights issue  Fully underwritten  Shareholders avoid dilution by following rights

28 F I N A N C I A L S T R U C T U R E 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

29 L O U I S V A N N I E K E R K C H I E F E X E C U T I V E O F F I C E R I S C O R L I M I T E D

30 I N V E S T M E N T C A S E  Low cost producer  Iron ore ownership  Naturally protected domestic market  Significant potential earnings leverage from  Recovery in steel prices  R/$ weakness  Switch from export to domestic sales  Saldanha turnaround and synergies  Further efficiencies at other plants  Benefits from potential consolidation of South African steel industry

31 H A N S S M I T H C H A I R M A N I S C O R L I M I T E D

32 C O N C L U S I O N  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