FINANCIAL RESULTS PRESENTATION

FOR THE HALF-YEAR ENDED 30 JUNE 2017

26 AND 27 JULY 2017

PERFORMANCE SUMMARY

BUSINESS ENVIRONMENT

RESULTS ANALYSED

SEGMENTAL PERFORMANCE

STRATEGIC PILLAR UPDATE

OUTLOOK

1 4

2 5

3 6

1 PERFORMANCE SUMMARY

PERFORMANCE SUMMARY 3

› Resilient overall performance in extremely difficult environment

› Profit from operations +19%

› HEPS +32% to 386c

› 1H16 profit from operations and HEPS impacted by PRMA settlement cost

› Good cash generation continued

» Disciplined capex management

» Borrowings lower vs 1H16

› Interim ordinary cash dividend of 138cps declared

› Safety performance: TRIR of 0,43

SAFETY: ALL WORKERS TRIR 4

2 BUSINESS ENVIRONMENT

BUSINESS ENVIRONMENT: GLOBAL 6

› Growth expected to strengthen to 2,7%

» Pick-up in manufacturing and trade

» Rising confidence

» Favourable global financing conditions

» Commodity prices stabilised

› Oil price firmer vs 1H16

› More robust demand from China

› Mining

» Mining houses remain cautious

» Sustainability of recovery in commodities?

› Protectionist policies in advanced economies

BUSINESS ENVIRONMENT: AFRICA, EXCL. SA 7

› Some recovery after sharp slowdown in ’16

› Growth of 2,6% forecast for sub-Saharan

Africa in ’17

» Strengthening external demand, particularly

from China

» Higher metal prices

› Foreign exchange controls and foreign

currency shortages

› Revival of regulatory consciousness

(tax, compliance)

› Local beneficiation being pursued

› Energy and water shortages a constraint

› Political and socio-economic challenges remain

BUSINESS ENVIRONMENT: SOUTH AFRICA 8

› Low business confidence and consumers

under pressure

› Technical recession

› Sovereign credit rating downgrades

› Political/policy uncertainty

› Stronger ZAR/US$ exchange rate

› Higher commodity prices

» But lower ammonia price

› Higher mining production

› Manufacturing continued to decline

› Recovery in agricultural sector but drought

in Western Cape still critical

BUSINESS ENVIRONMENT 9 HISTORICAL PRICE PERFORMANCE – GOLD, PLATINUM AND COPPER

Source: SNL

BUSINESS ENVIRONMENT 10 HISTORICAL PRICE PERFORMANCE – COAL AND IRON ORE

Source: SNL

BUSINESS ENVIRONMENT 11 BRENT CRUDE OIL

Source: iress

BUSINESS ENVIRONMENT 12 AMMONIA

Source: AEL

BUSINESS ENVIRONMENT 13 ZAR/US$ EXCHANGE RATE

Source: iress

BUSINESS ENVIRONMENT 14 SA MINING VOLUMES

Source: Stats SA

BUSINESS ENVIRONMENT 15 SA MANUFACTURING VOLUMES

Source: Stats SA

3 RESULTS ANALYSED

EARNINGS ANALYSED 17

› Profit from operations +19% to R677m

» Underlying -3%

› EBITDA +9,2% to R980m

› HEPS +32% to 386c

» Underlying +2% to 393c

› Trading margin = 8,0% (’16: 6,3%)

› Tax rate 31% (’16: 31%)

» Foreign withholding tax

› RONA of 14,8% (13,0% in ’16)

» Target >20%

› GCR rating of “A” with stable

outlook retained

GROUP UNDERLYING PERFORMANCE 18

CASH GENERATION AND UTILISATION 19

› Cash of R1 102m generated

› Capex controlled to R261m –

below depreciation and amortisation

» R91m for expansion projects

› NWC to revenue: 18,5%

(17,9% in Jun ’16)

» Customers delayed remittances

» High sales in Jun

» Lower volumes procured

» Lower payables

› Net borrowings: R1 007m

› Gearing at 11% vs 17% in Jun ’16

› Cash interest cover: 14,6x

› Dividend cover for the period: 2,8x

› Interim ordinary cash dividend

of 138c declared

› Good headroom for acquisitions and growth

4 SEGMENTAL PERFORMANCE

PROFIT FROM OPERATIONS BY SEGMENT 21

ANALYSIS OF CORPORATE COSTS 22

PROPERTY 23

› Huntsman Tioxide, major site customer at Umbogintwini, closed late in ’16

› Offset by

» Benefits of lower cost base

» Shanghai Zendai management contract extended, at Modderfontein, to March ’18

» Good occupancy rates maintained at 90% by leasing business

» Good efficiencies in Umbogintwini services business

EXPLOSIVES 24

EXPLOSIVES: PERFORMANCE 25

› Volumes flat overall

› Excellent TP improvement in context of

» Stronger ZAR/US$ rate

~ 60% of revenue generated outside SA

» Lower ammonia price

› Good cost control

› Good product and customer mix

EXPLOSIVES: SOUTH AFRICA 26

› Explosives volumes +1%

» Benefit of market share gains iron ore and uranium mining sectors

» Improved activity in coal mining sector

» Improved offtake also by gold mining customers

› Initiating systems volumes +3%

» Opportunistic sales after competitor declared force majeure

› Customer production losses due to S54 stoppages in line with 1H16

› Major statutory shutdown underway at No. 11 Nitric Acid plant, Modderfontein

EXPLOSIVES: REST OF AFRICA 27

› Volumes -2,4%

› North Africa

» Contract in Egypt lost Dec. ’16 and equipment relocated

› West and East Africa

» Slow start in West Africa

» Five contracts gained

~ Mobilisation in progress

› Central Africa

» Mining operations resumed after extensive care and maintenance

~ Volumes robust

› Southern Africa

» Pleasing results in Botswana, with additional volumes gained

EXPLOSIVES: ASIA PACIFIC 28

› Profitability improvement in region continued

» Overall volumes -1,5%

» Good cost control

› Indonesia

» New contract signed – commencing 2H17

» Renegotiating terms of engagement with explosives licensee

› Australia

» Tropical Cyclone Debbie in Queensland

» New business secured – commencing ’18

SPECIALTY CHEMICALS SEGMENT 29

SPECIALTY CHEMICALS SEGMENT: REVENUE OF R4 909m 30 REVENUE BY MARKET SECTOR (%)

SPECIALTY CHEMICALS: PERFORMANCE 31

› Resilient result in context of

» Strong ZAR

» Effects of severe drought in Western Cape

» Closure of Huntsman Tioxide

» Delayed exports

SPECIALTY CHEMICALS 32

› Overall volumes -2,4%

» Manufactured +4,7%

» Traded -14,2%

› Senmin exports delayed to 2H17

› Noteworthy performance from Experse

» Volume growth (local and export)

› Nulandis hampered by drought effects in

winter rainfall areas

› Solid results from ImproChem

» Growth in Mining and Public Water businesses

(SA and rest of Africa)

› Improvement at Lake Foods

› No acquisitions concluded

5 STRATEGIC PILLAR UPDATE

REVENUE BY STRATEGIC PILLAR 34

MINING 35

MINING: INTERNATIONAL FOOTPRINT 36

GROUP REVENUE BY MINERAL MINED (%)

37

PRE-OPERATIONAL MINING PROJECTS: AFRICA 38

PRE-OPERATIONAL MINING PROJECTS: AUSTRALIA 39

EXPLOSIVES: MAKO MINE – SENEGAL 40 MOBILISING ASSETS. BLASTING SCHEDULED AUG ’17

EXPLOSIVES: MAKO MINE – SENEGAL CONT. 41

EXPLOSIVES: BURKINA FASO – HOUNDÉ GOLD 42

EXPLOSIVES: BURKINA FASO – BOUNGOU NATOUGOU 43

MINING CHEMICALS 44

WATER 45

WATER 46

AGRICULTURE 47

AGRICULTURE 48

FOOD 49

INNOVATION PROJECT 50

› Objective: increase Group revenue and profitability

» Ideation Platform

~ Significant internal adoption and progress made

» Growth office: AECI.GO

~ Growth themes identified

~ Good progress in technology partnerships with universities and research

institutions locally and overseas

~ Early stages of investigating M&A opportunities aligned with growth themes

~ One opportunity actioned regarding “Early adoption in relevant start-ups

and/or disruptors”

51

Market Expansion

Market sector acquisition through geographic and customer segment expansion strategies in pursuit of becoming the developing world leader

Integrated Solutions

Solutions/offerings that spans across more than one business unit area by combining multiple products (new and existing) to create new and differentiated solutions

Green

Innovative solutions that result in improved human well-being over the long term, while protecting the public against significant environmental risks or ecological scarcities

Chemical alternatives, substitutes to chemicals and advanced solutions which have the potential to disrupt other industries and create significant value

Exponential Chemistry

AECI.GO focus area

AECI.GO

FOUR BROAD INNOVATION THEMES

Guides for innovation focus of AECI.GO

US$5m STRATEGIC INVESTMENT: ORIGIN MATERIALS 52 POSITIONS AECI IN RENEWABLE CHEMICALS AS PREFERRED INDUSTRIALISATION AND APPLICATIONS

DEVELOPMENT PARTNER WITH ACCESS TO AFRICA AND THE GLOBE

ma k i n g n e w c h e mi s t r y ma t t e r

› Renewable chemicals start-up

› Entered the commercialisation phase of proprietary technology

› Applications include 100% B-PET and B-PEF plastics

100% B-PET B-PEF

› Can convert multiple input feedstock to platform chemicals

› Can be converted to multiple high value downstream applications - US$200bn+

› Cost-competitive renewable chemicals

› Cost base decoupled from oil

US$45bn

market

› Identified fully committed and invested global commercial partners with equity stake

› Pioneer plant by end ’18

&

And

Renewable Chemistries

6 OUTLOOK

OUTLOOK 54

› Global mining activity gaining momentum

» Positive for Group’s Mining pillar

» New contracts and increased market share

» Footprint expanded

» Good order book for mining chemicals

› No significant improvement in SA manufacturing sector anticipated to year-end.

However

» Good opportunities in Water

» Agriculture and Food businesses seasonal – stronger 2H historically

» Rainfall patterns will affect agricultural sector performance

› Pursue further footprint and market expansion

› Strong pipeline of acquisitions

› Focus on working capital and capex management, and costs

› Accelerate growth through Innovation projects, including AECI.GO

DISCLAIMER 55

This document has been prepared and issued by and is the sole responsibility of the management of AECI Ltd (the “Company”) and its subsidiaries.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company or a representation or warranty as to the future financial performance of the Company. Investors and prospective investors in securities of the Company are required to make their own independent investigation and appraisal of the business and financial condition of the Company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering.

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements.

This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. The financial information included herein is unaudited. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, or any of its subsidiary undertakings or affiliates or Directors, Officers or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information.

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