PRESENTATIONStandard Bank Africa Investors’ Conference

New York | 8 and 9 October 2013

DISCLAIMER

Forward looking statements

This presentation has been prepared by AECI Limited. The information contained in this presentation is forinformational purposes only. The information contained in this presentation is not investment or financial productadvice and is not intended to be used as the basis for making an investment decision. This presentation has beenprepared without taking into account the investment objectives, financial situation or particular needs of anyparticular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness orcorrectness of the information, opinions and conclusions contained in this presentation. To the maximum extentpermitted by law, none of AECI Limited, its Directors, employees or agents, nor any other person accepts anyliability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the useof the information contained in this presentation. In particular, no representation or warranty, express or implied, isgiven as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of anyforecasts, prospects or returns contained in this presentation. Such forecasts, prospects or returns are by theirnature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser,whether an investment is appropriate in light of your particular investment needs, objectives and financialcircumstances. Past performance is no guarantee of future performance.

Non-IFRS information

This presentation makes reference to certain non-IFRS financial information. Management use this information tomeasure the operating performance of the business and has been presented as this may be useful for investors.This information has not been reviewed by the Group’s auditor.

1

PRESENTATION STRUCTURE

› AECI outline

› Brief history

› AECI today

› Portfolio and strategies

» AEL Mining Services: Africa’s leading explosives supplier

» Specialty chemicals cluster: 15 value-adding specialty chemicals and services businesses

» Heartland: embedded value in land holding

› Outlook and drivers

2

introduction

4

EXECUTIVE DIRECTORS

Mark Dytor

Chief Executive

Appointed: 1 March 2013

In addition to his responsibilities asCE, Mark has retained a portfolio of Chairmanships at companies in AECI’s specialty chemicals cluster and hasled the Company’s growth thrust inmining chemicals.

He was appointed to AECI’s Executive Committee in 2010 and to its Board in January 2013.

Mark Kathan

CFO

Appointed: 1 September 2008

Mark is responsible for the Group’sfinance and treasury functions. He also oversees the Group’s Communications and Investor Relations, Legal and Secretariat, Internal Audit and IT Services as well as retirement funds.

He is Chairman of SANS Technical Fibers.

› Chemicals, explosives and surplus land assets

› Specialty product and services Group

› Value-adding solutions through science, technology, industry knowledge

› Key earnings drivers: mining and manufacturing

› 6 895 employees

› Domiciled in SA; JSE Limited-listed

› Focused regional growth strategy

› Revenue 1H13: R7,2bn

» >20% in Africa (excl. SA); 20+ countries

› Market cap: R15,3bn (Sept ’13)

› Major R2bn capital expenditure cycle complete

› B-BBEE transactions completed in ’12

5

9%

31%

3%

44%

13%

REVENUE SPLIT 1H13

57%

Focused on regional growth

A SOUTH AFRICAN-BASED EXPLOSIVESAND SPECIALTY CHEMICALS COMPANY

9% Agriculture

31% Manufacturing

3% Property

57% Mining services

44% Explosives

13% Mining chemicals

Explosives

312

Specialty chemicals

389

Property

50

PROFIT FROM OPERATIONS R751m

Explosives

3 551Specialty chemicals

3 667

Property

278

REVENUE SPLIT R7 496m

6

By product segment

1H13 REVENUE AND PROFIT SPLIT

Includes intersegment revenue of R273m Excludes corporate costs of R139m

STRATEGIC POSITIONING

SA-based explosives and specialty chemicals company. Businesses growing regionally and internationally; focused on Africa, South America, SE Asia.

7

GROUP AFRICAN FOOTPRINT8

ExplosivesSpecialty chemicals

GROUP MINING REVENUE 1H139

Customers across the mining spectrum

26%

19%

16%

11%10%

5%

3%

1%

1%

8%

10%

Phosphate

Uranium

Various other

26% Platinum

19% Coal

16% Gold

11% Copper, cobalt,

chrome and nickel

10% Quarry, construction

and civil

5% Diamonds

3% Iron ore

10% Other

SHARE PRICE10

(SA cents)

brief history

BRIEF HISTORY12

› Roots to 1894 – a Nobel dynamite company at Modderfontein,near Johannesburg

› Listed since 1966; majority ownership/control by ICI and Anglo Americanfor most of its existence

› Evolved into typical chemical conglomerate and then restructured significantly after SA’s readmission into the global economy in 1994

› Now 100% free float, focused, specialised businesses and expanding with adequate B-BBEE ownership

› Embarked on a R2bn capital expenditure programme in ’07. Plants complete and profit optimisation underway

› Restructured in ’10: 20 businesses report into a single Executive Committee, and ultimately to the AECI Board

› AECI brand revamped and relaunched

13

BRIEF HISTORY

AECI today

Freedom supported by a Framework

COMPANY STRUCTURE15

BOARD

HEAD OFFICE FUNCTIONS

EXECUTIVE BOARDLake FoodsLake Specialties

16

GROUP VALUES

GOVERNANCE17

18

Performance and management

SAFETY, HEALTH AND ENVIRONMENT

› TRIR of 0,60 (0,53 in ’12)

› Group-wide roll-out of Process Safety Management practices in process

› Included in JSE’s Socially Responsible Investment Index for fourth successive year

› Participate in global Carbon and Water Disclosure Projects

› Group-wide environmental improvement programme – Green Gauge – focuses on water and energy consumption, and waste generation

› Environmental remediation liability fully provided for at R155m

0,0

0,2

0,4

0,6

0,8

1,0

1,2

08 09 10 11 12 13 YTD

TRIR

ALL WORKERS TRIR

Maximumtolerablelevel

19

FINANCIAL PERFORMANCE

’06 ’07 ’08 ’09 ’10 ’11 ’12 1H13

Revenue R10,2bn R8,5bn R12,9bn R10,7bn R11,6bn R13,4bn R13,8bn R7,7bn

Profit from ops

R1 102m R807m R1 035m R767m R1 062m R1 316m R1 197m R612m

RONA (%) 24,8 16,5 16,9 12,6 15,9 18,1 16,7 15,3

Employees 7 700 7 120 6 450 6 330 6 800 7 141 6 750 6 800

Market cap R8,2bn R9,5bn R6,1bn R7,4bn R9,8bn R9,8bn R10,2bn R14,7bn

Notes Large property disposal

Excluding closed ops

Excluding closed ops

Global recession

Recovery fromrecession

Strongrand

B-BBEE IFRS 2 charge. Restated to equity account for joint ventures

› Revenue up 13% to R7 223m

› Profit from operations up 28% to R612m

› Volumes up 3,7% (excl. sulphur trading)

› HEPS up 236% to 356c

› Final cash dividend of 105cps up 35% compared to 78cps in 1H12

› Gearing at 35% from 51% in Jun ’12 (33% in Dec ’12)

20

PERFORMANCE 1H13

21

Operating profit

RESULTS 1H13

› Operating profit up 28% to R612m

› Volumes declined by 6% (+3,7% excl. sulphur)

› Chemicals volumes -14,5 (+5% excl. sulphur)

» Manufactured +5,1%

» Traded -31,6%

› Bulk explosives +3%

› Foreign revenue +25,4% to R2 438m

0

100

200

300

400

500

600

700

09 10 11 12 13

OPERATING PROFIT (Rm)

portfolioand strategy

22

23

EXPLOSIVES

24

Sites and plants by African country (excluding SA)

EXPLOSIVES

Sites (41)

Plants (11)

Botswana (5)Burkina Faso (7)Congo (1)DRC (6)Egypt (2)Ethiopia (1)Ghana (8)Guinea (3)Mali (2)Mauritius (1)Mozambique (2)Namibia (1)Tanzania (5)Zambia (4)Zimbabwe (4)

› Africa’s leading supplier of explosives, initiating systems andvalue-adding services

› Bulk explosives plants – Africa and Indonesia

› Presence in 23 countries

› Throughout African continent

› Expanding into selected developing markets

› DetNet: global JV in electronic detonators with Dyno Nobel

› Strategic AN supply for AEL in Indonesia secured

25

EXPLOSIVES

26

Revenue split to 1H13

EXPLOSIVES

› Portfolio has been diversified – decrease in dependence on SA narrow reef sought

› AEL has deliberately grown its share of the SA surface open-cast mining market substantially in past 5 years

› Business outside SA strategicallygrown to constitute almost 50% of current revenue

› Strategic alignment with SA’s narrowreef sector continues

51

33

49

67

0%

20%

40%

60%

80%

100%

2007 2008 2009 2010 2011 2012 2013

SA Underground SA Surface

35

17

33

34

3249

0%

20%

40%

60%

80%

100%

2007 2008 2009 2010 2011 2012 2013

SA Underground SA Surface Outside SA

› Strategic move in ’95, partnering with customers

› Currently

» Registered businesses in 12 countries, with more to come

» 13 bulk plants, 60 MMUs, 1 packaged explosives plant, two IS assembly plants

» Work with 11 currencies

» Sourcing from SA, India, China, Europe, Russia

» 950 employees

27

Expansion and growth in Africa

EXPLOSIVES

› Entry in ’08, supplying KPC

› Currently

» 9 emulsion manufacturing plants

» 60 000t ANS plant in Bontang (in commissioning)

» 19 Mobile Manufacturing Units

› Support infrastructure for 9 mine sites

› Shock tube assembly plant in Subang (Jakarta)

› 385 employees

28

Growth and expansion in Indonesia

EXPLOSIVES

Compressor house

(Jun ’13)

Boiler and demin plant

(Jun ’13)

ANS plant level 3

(Jun ’13)

› Nitric acid and ANS plant at Bontang, Indonesia

› Capacity of 68ktpa and back-integrated into a major ammonia source

› 5 hours by ship from KPC and 7 days’ sailing to Western or Eastern Australia

› Phased AECI investment of US$23m for 42,6% shareholding in BBRI

› Secures a site ideal for future expansion in the region

29

Indonesian investment – BBRI JV

EXPLOSIVES

30

Performance

EXPLOSIVES

Revenue R3 551m +22%

Operating profit R312m +75%

Operating margin (%) 8,8 (’12: 6,1)

Average WC (%) 20 (’12: 21)

› Best first-half results delivered

› Bulk explosives volume growth of 3%

» SA’s Surface and Massive market grew by 7%

» Africa flat, power issues in DRC and labour strike in Ghana

» Indonesian volumes grew by 14%, mainly at KPC

› Initiating systems volumes down

» Narrow reef gold and platinum mining under pressure

› Ammonia price increased by 44% on average

› Net positive forex impact of R27m in 1H13

31

SPECIALTY CHEMICALS

› Portfolio of autonomous businesses (currently 15) based on chemistry and strong service element

› Strengths: value add service models, appetite for growth, successful acquisition history, attraction to global alliances, regional knowledge, and world-class technology licences

› Currently expanding out of South Africa, with technology unrestricted by licences; strong focus on mining chemicals

› Grow organically and through acquisitions

32

SPECIALTY CHEMICALS

› Complete basket of products

› Logistics to customer site

› Customer site

» Safety

» Storage: tanks, warehouse

» Facilities: dilution, formulation

» Addition and metering

» Process management or optimisation

» Integration with site management

33

Tailor-made per customer and business

FULL SERVICE PACKAGE MODEL

34

Presence in 23 African countries (plus SA)

SPECIALTY CHEMICALS

Specialty chemicals

Akulu Marchon Lake Foods

Chemfit Lake Specialties

Chemical Initiatives Nulandis

Chemisphere Technologies Resinkem

ChemSystems Senmin

Crest Chemicals SANS Technical Fibers

ImproChem Specialty Minerals SA

Industrial Oleochemical Products

35

15 businesses

SPECIALTY CHEMICALS CLUSTER

› Diverse South African specialty chemicals cluster is key to Group strategy

› African specialty chemicals business focused on

» Mining chemicals

» Water, oil, energy and gas

» Agriculture

» Food additives

» Personal and home care

36

Strategy

SPECIALTY CHEMICALS

› Leveraging AEL’s established footprint and relationships

» progress in mining chemicals, with more to come

› General Electric’s Chemical and Monitoring Solutions business acquired in ’12

» African footprint with excellent people

» specialised equipment for water processing

» continued support and technology from a world-class partner

» in line with water, oil, gas, energy strategy roll-out

37

Strategic progress

SPECIALTY CHEMICALS

24%16%

8%

6%

5%

5%5% 5%

5%

4%

4%

3%

1%

1%

1%

1%

1%

4%

9%

Appliances and furniture

Steel and metals

Construction

Automotive

Engineering and foundry

Various other

38

Revenue by market sector 1H13 – across full spectrum of manufacturing sectors

SPECIALTY CHEMICALS

24% Mining

16% Agriculture

8% Food and beverage

6% Chemical industry

5% Detergents

5% Oil and refining

5% Explosives

5% Paper and packaging

5% Textiles and leather

4% Toiletries, cosmetics

and pharmaceuticals

4% Coatings, ink and adhesives

3% Plastics and rubber

9% Other

› Volumes -14,5% Excl. sulphur: +4,9%

» Manufactured +5,1%

» Traded -31,6%

› Prices +17,1%

› Excellent results from Chemfit, Lake Foods, Lake Specialties, Nulandis, Senmin

› R24m profit from sale of Bryanston office in ’12 not repeated

› No sulphur sales into Central Africa

› Margins under pressure as price attempt to keep up with weak ZAR

Performance 1H13

SPECIALTY CHEMICALS

Revenue R3 667m +3%

Operating profit R389m -2%

Operating margin (%) 10,6 (’12: 11,1)

Average WC (%) 24 (’12: 20)

39

› Numerous evaluations undertaken

› SA Premix acquired

» Animal health and nutrition

» Merged with the business of Chemfit, effective 1 September ’13

› Promising possibilities in Africa, for agricultural markets

› Disappointment in Brazil – “seller’s remorse”

› Alternatives being evaluated

40

Acquisitions update

SPECIALTY CHEMICALS

› Strategy: optimise the realisation of real estate assets surplus to operational requirements by selling land and selectively investing in top structures

› Continue to evaluate all options in respect of surplus real estate assetsin Modderfontein and Somerset West

› Have entered into discussions for the disposal of a large proportion of the surplus property assets at Modderfontein

› Intention is to have finality on the proposed transaction by 4Q13

› Further details will be announced when appropriate

Cautionary announcement

PROPERTY

› Land in prime locations at Modderfontein (Johannesburg) and at Somerset West (Cape Town)

› ~1 600ha of the original 3 770ha of excess land available sold by end ’12

› Independent valuation (July ’08 and May ’12) of R2,5bn for land at Modderfontein and Somerset West surplus to requirements

› Current carrying value in books is R445m

› Does not take into account remediation spend or other AECI properties

42

PROPERTY

43

Development sites

PROPERTY

MODDERFONTEIN LAND USESOMERSET WEST LAND USE

› Industrial vacancies decreased – encourages new development

› House price growth improving and better access to finance is promoting sales

› Surplus remains in office accommodation

› Leasing and services portfolio

» R82m revenue

» Vacancy rate unchanged at 20%

Performance 1H13

PROPERTY

Revenue R278m +58%

Operating profit R50m +138%

44

outlook andunderlying growth

› Phase of consolidation and transformation complete; now in growth phase

› SA manufacturing volumes to year-end expected to track GDP growth

› Strong focus on operational excellence in AEL

» Cost reduction; continue to improve AEL’s profitability

› Sales to mining sector in Africa and Indonesia expected to grow on the back of new projects and contracts

› SA narrow reef – platinum and gold mining – expected to remain challenging

› Potential for growth in sales of mining chemicals

› Strong focus on strategic pillars in specialty chemicals cluster for growthin Africa

› Acquisition activity expected locally and in Africa and South America

› Businesses well positioned to take advantage of market growth

› Profit optimisation of new plants will have further positive impact on margins and revenue

46

POSITIONING, GROWTH DRIVERS AND OUTLOOK

thank you