1. Allan Gray Proprietary Limited is an authorised financial services provider. © Allan Gray 2013 Public Hearings on Mineral and Petroleum Resources Development Amendment Bill Sandy McGregor 18 September 2013

2. Allan Gray Proprietary Limited is an authorised financial services provider. 2 The South African economy is driven by the commodity prices The commodities boom of the past decade is ending

3. Allan Gray Proprietary Limited is an authorised financial services provider. 3 All Commodity Index ($) Source: Igraph, Bill (SG 160913m)

4. Allan Gray Proprietary Limited is an authorised financial services provider. 4 South African Exports ($m per year) Source: Igraph, Bill (SG 160913m)

5. Allan Gray Proprietary Limited is an authorised financial services provider. 5 Profitability of the mining industry has declined significantly Mining companies are cutting back on capital spending In this environment it is important to craft investment friendly legislation