TABLE OF CONTENTS

1. EXECUTIVE SUMMARY
1. INTRODUCTION
  1.1 Background
  1 .2 Independent Technical Report - Requirement, Structure and Compliance
    1.2.1 Requirement
    1.2.2 Structure
    1.2.3 Compliance
  1.3 Effective date, Valuation date and Base Technical Information Date
  1.4 Verification, Validation and Reliance
    1.4.1 Technical Reliance
    1.4.2 Financial Reliance
    1.4.3 Legal Reliance
  1.5 Exchange Rates
  1.6 Valuation Basis
  1.7 Limitations, Reliance on Information, Declarations, Consent and Copyright
    1.7.1 Limitations
    1.7.2 Reliance on Information
    1.7.3 Declarations
    1.7.4 Consent
    1.7.5 Copyright
  1 .8 Disclaimers and Cautionary Statements for US Investors
  1.9 Qualifications of Consultants
2. THE MINING ASSETS
  2.1 Introduction
  2.2 Exxaro - Corporate Structure and Business Structure, History and Strategy
    2.2.1 Corporate and Business Structure
    2.2.2 History
  2.3 Background
  2.4 Overview of the Material Properties
  2.5 Iron Ore
    2.5.1 Sishen Mine
    2.5.2 Sishen South Project
    2.5.3 Thabazimbi Mine
2.5.4 Exploration Potential
  2.6 Coal
    2.6.1 Grootegeluk Mine
    2.6.2 Leeuwpan Mine
    2.6.3 Tshikondeni Mine
    2.6.4 Arnot Colliery
    2.6.5 Matla Colliery
     2.6.6 New Clydesdale Colliery
    2.6.7 North Block Complex
    2.6.8 Twistdraai Colliery
    2.6.9 Sintel Char Project
    2.6.10 Inyanda Project
    2.6.11 Mafube JV Phase II Project
    2.6.12 Belfast Project
    2.6.13 Ingcambu Project
    2.6.14 Exploration Potential
  2.7 Heavy Minerals
    2.7.1 Hillendale Mine
    2.7.2 Fairbreeze Project
    2.7.3 Toliara Sands Project
    2.7.4 TiwestJV
    2.7.5 Namakwa Sands
    2.7.6 MRNL
    2.7.7 Exploration Potential
  2.8 Base Metals
    2.8.1 Rosh Pinah
    2.8.2 Zincor
    2.8.3 Chifeng Phase
    2.8.4 Black Mountain Mine and Gamsberg Project
    2.8.5 Exploration Potential
  2.9 Industrial Minerals
    2.9.1 Glen Douglas
    2.9.2 Kumba FerroAlloys
3. GEOLOGY
  3.1 Introduction
  3.2 Iron Ore
    3.2.1 Sishen Mine
3.2.2 Sishen South Project Phase I and Phase II
    3.2.3 Thabaziimbi Mine
  3.3 Coal
    3.3.1 South African Coalfields
    3.3.2 Waterberg Coalfield
    3.3.3 Soutpansberg Coalfield
    3.3.4 Witbank Coalfield
    3.3.5 Ermelo Coalfield
    3.3.6 Highveld Coalfield
    3.3.7 Bowen Basin (Australia)
  3.4 Heavy Minerals
    3.4.1 KwaZulu-Natal Deposits
    3.4.2 Toliara Sands Project
    3.4.3 Limpopo Province - Gravelotte
    3.4.4 Tiwest JV
  3.5 Base Metals
    3.5.1 Rosh Pinah
  3.6 Industrial Minerals
    3.6.1 Glen Douglas
4. MINERAL RESOURCE AND RESERVES
  4.1 Introduction
  4.2 Iron Ore
    4.2.1 Sishen Mine
    4.2.2 Sishen South Project
    4.2.3 Thabazimbi Mine
    4.2.4 Mineral Resources Estimate
  4.3 Coal  
    4.3.1 Grootegeluk Mine
    4.3.2 Leeuwpan Mine
    4.3.3 Tshikondeni Mine
    4.3.4 Arnot Colliery
    4.3.5 Matla Colliery
    4.3.6 New Clydesdale Colliery
    4.3.7 North Block Complex
    4.3.8 Inyanda Project
    4.3.9 Mafube JV Phase II Project
    4.3.10 Belfast Project
    4.3.11 Ingcambu Project
    4.3.12 Strehla Project
    4.3.13 Moranbah South Project
    4.3.14 SRK Audited Resource and Reserve Statements
  4.4 Heavy Minerals
    4.4.1 Hillendale Mine
    4.4.2 Fairbreeze Project
    4.4.3 Limpopo Province - Gravelotte
    4.4.4 Eastern Cape Deposits
    4.4.5 Ticor SA Resource and Reserve Statements
    4.4.6 Ticor
  4.5 Base Metals
    4.5.1 Rosh Pinah
  4.6 Industrial Minerals
    4.6.1 Glen Douglas
5. MINING
  5.1 Mine Planning Process
  5.2 Iron Ore 
    5.2.1 Sishen Mine
    5.2.2 Sishen South Project
    5.2.3 Thabazimbi Mine
  5.3 Coal
    5.3.1 Grootegeluk Mine
    5.3.2 Leeuwpan Mine
    5.3.3 Tshikondeni Mine
    5.3.4 Arnot Colliery
    5.3.5 Matla Colliery
    5.3.6 New Clydesdale Colliery
    5.3.7 North Block Complex
    5.3.8 Mining Methods of Coal Projects
  5.4 Heavy Minerals
    5.4.1 Hillendale Mine
    5.4.2 Tiwest JV
  5.5 Base Metals
    5.5.1 Rosh Pinah
  5.6 Industrial Minerals
    5.6.1 Glen Douglas
6. METALLURGICAL PROCESSING
  6.1 Introduction
  6.2 Iron Ore
    6.2.1 Sishen Mine and SEP
    6.2.2 Sishen South Project
    6.2.3 Thabazimbi Mine
  6.3 Coal
    6.3.1 Grootegeluk Mine
    6.3.2 Leeuwpan Mine
    6.3.3 Tshikondeni Mine
    6.3.4 Arnot Colliery
    6.3.5 Matla Colliery
    6.3.6 New Clydesdale Colliery
    6.3.7 North Block Complex
    6.3.8 Sintel Char Plant
  6.4 Heavy Minerals
    6.4.1 TicorSA
    6.4.2 Tiwest JV
  6.5 Base Metals
    6.5.1 Rosh Pinah
    6.5.2 Zincor
    6.5.3 Chifeng
  6.6 Industrial Minerals
    6.6.1 Glen Douglas
    6.6.2 Kumba FerroAlloys
7. TAILINGS MANAGEMENT
  7.1 Introduction
  7.2 Iron Ore
    7.2.1 Sishen Mine
    7.2.2 Sishen South Project
    7.2.3 Thabazimbi Mine
  7.3 Coal
    7.3.1 Grootegeluk Mine
    7.3.2 Leeuwpan Mine
    7.3.3 Tshikondeni Mine
    7.3.4 Arnot Colliery
    7.3.5 Matla Colliery
    7.3.6 New Clydesdale Colliery
  7.4 Heavy Minerals
    7.4.1 Hillendale Mine
    7.4.2 Fairbreeze Project
  7.5 Base Metals
    7.5.1 Rosh Pinah
    7.5.2 Zincor
    7.5.3 Chifeng
  7.6 Industrial Minerals
    7.6.1 Glen Douglas
8. ENGINEERING infrastructure and capital projects
  8.1 Introduction
  8.2 Engineering infrastructure of the Material Properties
  8.3 LoM Capital Expenditure Programmes
  8.4 Material Properties
9. MANAGEMENT AND MANPOWER
  9.1 Introduction
  9.2 Legislation
    9.2.1 South Africa
    9.2.2 Australia
    9.2.3 Namibia
  9.3 Industrial Relations
  9.4 Board, Executive and Management Structure
  9.5 Recruitment, Training, Productivity Initiatives and Remuneration Policies
  9.6 Organisational Structures and Operational Management
  9.7 Terminal Benefits
10. OCCUPATIONAL HEALTH AND SAFETY
10.1 Introduction
10.2 Occupational Health and Safety Management
10.3 Legislation
  10.3.1 South Africa
  10.3.2 Australia
  10.3.3 Namibia
  10.3.4 Historical Safety Statistics
11. ENVIRONMENTAL MANAGEMENT
11.1 Introduction
11.2 Legislation
  11.2.1 South Africa
  11.2.2 Australia
  11.2.3 Namibia
11.3 Exxaro and Kumba Iron Ore Corporate Sustainability
11.4 Iron Ore - Sishen Mine
  11.4.1 Introduction
  11.4.2 Environmental Compliance
  11.4.3 Environmental and Social Management
  11.4.4 Environmental Issues
11.5 Iron Ore - Sishen South Project
  11.5.1 Introduction
  11.5.2 Environmental Compliance
  11.5.3 Environmental and Social Management
  11.5.4 Environmental Issues
11.6 Iron Ore - Thabazimbi Mine
  11.6.1 Introduction
  11.6.2 Environmental Compliance
  11.6.3 Environmental and Social Management
  11.6.4 Environmental Issues
11.7 Coal - Grootegeluk Mine
  11.7.1 Environmental and Social Management
  11.7.2 Environmental Issues
11.8 Coal - Leeuwpan Mine
  11.8.1 Environmental and Social Management
  11.8.2 Environmental Issues
11.9 Coal - Tshikondeni Mine
  11.9.1 Compliance
  1 1 .9.2 Environmental and Social Management
  11.9.3 Environmental Issues
11.10 Coal - Arnot Colliery
  11.10.1 Compliance
  11.10.2 Environmental Issues
  11.10.3 Occupational Health
  11.10.4 Land Claims
  11.10.5 Environmental and Social Funding
  11.10.6 Closure Planning and Costing
11.11 Coal - Matla Colliery
  11.11.1 Environmental and Social Management
  11.11.2 Compliance
  11.11.3 Environmental Issues
  11.11.4 Occupational Health
  11.11.5 Land Claims
  11.11.6 Environmental and Social Funding
  11.11.7 Closure Planning and Costing
11.12 Coal - New Clydesdale Colliery
  11.12.1 Compliance
  11.12.2 Conversion of Mining Rights
  11.12.3 Environmental Issues
  11.12.4 Occupational Health
  11.12.5 Land Claims
  11.12.6 Environmental and Social Funding
  11.12.7 Closure Planning and Costing
11.13 Coal - North Block Complex, Glisa Colliery
  11.13.1 Environmental and Social Management
  11.13.2 Compliance
  11.13.3 Environmental Issues
  11.13.4 Occupational Health
  11.13.5 Land Claims
  11.13.6 Environmental and Social Funding
  11.13.7 Closure Planning and Costing
11.14 Coal - North Block Complex, Strathrae Colliery
  11.14.1 Environmental and Social Management
  11.14.2 Compliance
  11.14.3 Environmental Issues
  11.14.4 Occupational Health
  11.14.5 Land Claims
  11.14.6 Environmental and Social Funding
  11.14.7 Closure Planning and Costing
11.15 Heavy Minerals - Hillendale Mine
  11.15.1 Compliance
  11.15.2 Environmental and Social Management
  11.15.3 Environmental Issues
11.16 Heavy Minerals - CPC
  11.16.1 Compliance
  11.16.2 Environmental and Social Management
  11.16.3 Environmental Issues
11.17 Heavy Minerals - Fairbreeze Project
  11.17.1 Compliance
11.17.2  Environmental and Social Management
  11.17.3  Environmental Issues
11.18 Heavy Minerals - Tiwest JV
  11.18.1 Environmental Management Systems
  11.18.2 Legislative Environment and Compliance
  11.18.3 Existing Approvals
  11.18.4 Environmental Compliance
  11.18.5 Environment, Closure and Rehabilitation Budgets
  11.18.6 Environmental Issues and Risks
11.19 Rosh Pinah
  11.19.1 Compliance
  11.19.2 Environmental Issues
11.20 Zincor  
  11.20.1 Compliance
  11.20.2 Environmental and Social Management
  11.20.3 Environmental Issues
11.21 Industrial Minerals - Glen Douglas
  11.21.1 Compliance
  11.21.2 Environmental and Social Management
  11.21.3 Environmental Issues
11.22 Dormant Operation - Hlobane Colliery
  11.22.1 Environmental Issues
11.23 Dormant Operation - Durnacol Colliery
  11.23.1 Environmental Issues
11.24 Liabilities
12. TECHNICAL-ECONOMIC PARAMETERS
12.1 Introduction
  12.1.1 Basis of Valuation and Technical - Economic Parameters
  12.1.2 Technical - Economic Parameters
12.2 Iron Ore - Sishen Mine
12.3 Iron Ore - Sishen South Project
12.4 Iron Ore - Thabazimbi Mine
12.5 Coal - Grootegeluk Mine
12.6 Coal - Leeuwpan Mine
12.7 Coal - Tshikondeni Mine
12.8 Coal-Arnot Colliery
12.9 Coal - Matla Colliery
  12.10 Coal - New Clydesdale Colliery
  12.11 Coal - North Block Complex
  12.12 Coal - Sintel Char Project
  12.13 Coal - Inyanda Project
  12.14 Coal -MafubeJV Phase II Project
  12.15 Coal - Belfast Project
  12.16 Coal - Ingcambu Project
  12.17 Heavy Minerals - Hillendale Mine and Fairbreeze Project
  12.18 Heavy Minerals - Ticor Smelter
  12.19 Heavy Minerals - Tiwest JV
  12.20 Base Metals - Rosh Pinah
  12.21 Base Metals - Zincor
  12.22 Base Metals - Chifeng
  12.23 Industrial Minerals - Glen Douglas
  12.24 Industrial Minerals - Kumba FerroAlloys
  12.25 Special Factors
    12.25.1  General Risks and Opportunities
    12.25.2  Operational Specific Risks and Opportunities
13. MACRO-ECONOMICS AND COMMODITY PRICES
  13.1 Introduction
  13.2 Macro-economic Environment
    13.2.1  Short-term Outlook-twelve months
    13.2.2  The Role of China
    13.2.3  Long-term Outlook - ten years
  13.3 Iron Ore Market Analysis
    13.3.1  Introduction
    13.3.2  Iron Ore Demand Analysis
    13.3.3  Iron Ore Supply Analysis
    13.3.4  Iron Ore Supply and Demand Balance
    13.3.5  Iron Ore Price Forecasts
  13.4 Coal Market Analysis
    13.4.1 Introduction
    13.4.2  The World Steam Coal Market
    13.4.3  The World Metallurgical Coal Market
    13.4.4  South African Coal Exports
    13.4.5  The Richards Bay Coal Terminal
    13.4.6  The Markets for Kumba Coal
    13.4.7  The Markets for Eyesizwe Coal
    13.4.8  Coal Pricing Forecast
13.5 Heavy Minerals Market Analysis
  13.5.1 The Titanium Minerals Industry
  13.5.2 Supply/Demand Analysis - TiO2 Pigment
  13.5.3 Supply/Demand Analysis - Titanium Feedstocks
  13.5.4 Supply/Demand Analysis - Zircon
  13.5.5 Supply/Demand Analysis - Low Manganese Pig Iron
  13.5.6 Price Forecasts
13.6 Zinc Market Analysis
  13.6.1 Introduction
  13.6.2 Zinc Demand Analysis
  13.6.3 Zinc Supply Analysis
  13.6.4 Zinc Market Balance and Price Forecasts
13.7 Industrial Minerals Market Analysis
  13.7.1 Dolomite Market Analysis
  13.7.2 Aggregate Market Analysis
13.8 Base Case Commodity Projections
14. MINING ASSETS VALUATION
14.1 Introduction
14.2 Limitations and Reliance on Information
  14.2.1 Limitations
  14.2.2 Reliance on Information
14.3 Valuation Methodology
14.4 Enterprise Value - Basis of Valuation
14.5 Analysis of Operating Costs
  14.5.1 Iron Ore - Sishen Mine
  14.5.2 Iron Ore - Sishen South Project
  14.5.3 Iron Ore - Thabazimbi Mine
  14.5.4 Coal
  14.5.5 Heavy Minerals, Base Metals and Industrial Minerals
14.6 Post-Tax - Pre-Finance Cash Flows
14.7 Enterprise Value - Net Present Values and Sensitivities
  14.7.1 Sishen Mine
  14.7.2 Sishen South Project
  14.7.3 Thabazimbi Mine
  14.7.4 Grootegeluk Mine
  14.7.5 Leeuwpan Mine
  14.7.6 Tshikondeni Mine
  14.7.7 Arnot Colliery
  14.7.8 Matla Colliery
  14.7.9 New Clydesdale Colliery
  14.7.10 North Block Complex
  14.7.11 Coal - Sintel Char Project
  14.7.12 Coal - Inyanda Project
  14.7.13  Coal - Mafube JV Phase II Project
  14.7.14 Coal - Belfast Project
  14.7.15 Coal - Ingcambu Project
  14.7.16 Heavy Minerals - Hillendale Mine and Fairbreeze Project
  14.7.17 Heavy Minerals - Ticor Smelter
  14.7.18 Heavy Minerals - Tiwest JV
  14.7.19 Base Metals - Rosh Pinah
  14.7.20 Base Metals - Zincor
  14.7.21 Base Metals - Chifeng
  14.7.22 Industrial Minerals - Glen Douglas
  14.7.23 Industrial Minerals - Kumba FerroAlloys
14.8 Valuation of Mineral Rights and Non-LoM Mineral Resources
  14.8.1 Exploration Properties-Valuation Methodology
  14.8.2 Summary Valuation of Mineral Rights, Exploration Properties and Non-LoM Mineral Resources
14.9 Valuation Adjustments Kumba
14.10 Valuation Adjustments Eyesizwe
14.11 Valuation Adjustments Exxaro
15. SUMMARY EQUITY VALUE
15.1 Introduction
15.2 Equity Values
  15.2.1 Kumba
  15.2.2 Eyesizwe
  15.2.3 Exxaro
  15.2.4 Kumba Iron Ore
15.3 Equity Value Analysis
  15.3.1 Kumba
  15.3.2 Eyesizwe
  15.3.3 Exxaro
15.4 Equity Value Sensitivity Analysis
  15.4.1 Kumba
  15.4.2 Eyesizwe
  15.4.3 Exxaro
16. CONCLUDING REMARKS
16.1 Equity Value

GLOSSARY OF TERMS, ABBREVIATIONS, UNITS AND CHEMICAL ELEMENTS


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