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					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

      Iscor‟s own initiatives

      Full scale re-engineering

      Business restructuring

   Now the unbundling

      Platform for further value release




                                                                      4
UNBUNDLING OF ISCOR



   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




                                                                      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%                                         6%
                                                       Revenue


* Iscor has undivided share in Sishen’s iron ore rights entitling it to 6.25 Mtpa for life of mine        9
OVERVIEW OF OPERATIONS



                                                                  Flat Products
                                                                     Vanderbijlpark
                                                   Thabazimbi
                                                                       2.7 Mtpa final product
                                                                     Saldanha
                                                                       0.9 Mtpa final product
                                                   Johannesburg
                                  Vanderbijlpark   Vereeniging    Long Product
                                                                   Newcastle
                   Sishen                      Newcastle               1.4 Mtpa final product
                                                                   Vereeniging
                                                   Durban              0.3 Mtpa final product
                       South Africa
                                                                  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
                                                                                                         10
* Based on 2000/01 actual sales
STRATEGY



                      Industry
                    consolidation             Global
                                              partner


                                           Restructuring
                                       of RSA steel industry
            Market
          optimisation
                                        Market optimisation




Operational
                                    Saldanha Steel value release
excellence


                                     Continuous improvement


                                                                   11
OPERATIONAL EXCELLENCE



Improvements since re-engineering commenced in 1994

                                                Vanderbijlpark               Newcastle
                                             2001     Improvement    2001        Improvement

 Cash cost - HRC                $/t         185*           24%
                - Billet        $/t                                 141*                 44%
 Position on cost
                                CRU rank      8th*                    4th*
 curve
 Headcount                      Employees   8 700          48%      3 400                46%
 Through-yield                  %             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

      Power                         1st quartile

      Coal                          2nd quartile

      Iron ore                      1st quartile

      Labour                        1st 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
                                                             1.3 Mtpa
                              refractory repair
                                                              $180/t
   Stabilise/plant
                                         1.1Mtpa              $18/t
    availability
                                         $190/t
       0.95 Mtpa                          $13/t                                      Ramp-up
         $204/t                                                                      Cash cost
          $9/t                                                                     Price premium


                        Jun „02                    Jun „03               Dec „03



Real terms at exchange rate of R9.00/$                                                             15
Including $12/t HRC iron ore benefit
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%
      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



                         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: > 2x 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
                         400                       Mid cycle (CRU, MBR, WSD 10 yr. av.)
$/t HRC net FOB Durban




                         350


                         300


                         250
                                                                                                        215

                         200


                         150
                               Q2
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1

                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               Q3
                               Q4
                               Q1
                               Q2
                               1994   1995      1996      1997       1998        1999     2000   2001   2002


                                             Price expected to recover from current low                        20
MARKET OPTIMISATION
(E X P O R T M A R K E T S)

                                                                 35%
   51% of sales volume exported      Products
                                                                 13%
                                                                 6%
   Good spread of                                               3%
                                                                 1%
      Products                                                  2%
                                                                 6%
      Destinations                                              2%
                                                                 6%
   Current duties
                                                                 12%

      USA hot rolled - 15.6%                                    7%
                                                                 2%
      EU hot rolled - 5.2%                                      5%


   Recent cases in favour of Iscor   Destinations for Q3 2001
                                                                 38%
      USA - wire rod
                                                                 9%

      Canada - cold rolled                                      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 > R1 billion                              25%
                                                                  92%
   Costs/revenue > R300 mpa
                                                                  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

        Technology

        Markets

        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)
        Rm                            Iscor HRC FOB price (RHS)                               $/t HRC
    1 000    965                                                                                  350
      900
                                                                                        827
                                                   763                                            300
      700
                         574                                                                      250

      500
                                                                                                  200

                                       275                                  288
      300                                                                                     239 150


      100                                                                                         100

     -100                                                                                         50
                                                               (157)
     -300                                                                     (268)               0
             1994/95    1995/96       1996/97     1997/98      1998/99     1999/00     2000/01

Adjusted for Sishen iron ore supply
                                                                                                        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 R1.67 billion rights issue

   Fully underwritten

   Shareholders avoid dilution by following rights




                                                                          27
FINANCIAL STRUCTURE




                                 Including rights
 Pro-forma as at 30 June 2001
                                      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
        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


                                                                            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

				
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