Chief executive, Mark Cutifani, talks to the Melbourne Mining Club in London.

1. “FIRST THE ASHES…
AND NOW THE RESOURCES”
Melbourne Mining Club – 5th June 2014

2. 2
ESTABLISHING MY CREDENTIALS
I am also a mining engineer…
…that has traded his Baggy Green Cap for a Hard Hat.

3. 3
ESTABLISHING MY CREDENTIALS
I come from Wollongong…the intellectual capital of Australia…
…where we like to dress up…and wear colourful hats.

4. 4
ESTABLISHING MY CREDENTIALS
A more accurate photo taken with a “special movie star” lens…
….

5. 5
ESTABLISHING MY CREDENTIALS
A more accurate photo taken with a “special movie star” lens…
….

6. 6
TRANSFORMATION STARTS WITH LEADERSHIP
What changed…a loss in 2013…to a 5 nil whitewash 6 months later…
…but can they take it forward and create a new dynasty?
What changed?
• Home ground advantage?
• Darren Lehman?
• The colour of their underwear?
Is winning sustainable?
• Leadership & Talent…do they have the
leadership and talent to take success
forward…possibly but not yet convinced?
• Systems and processes…are they
technically superior…batting looks brittle.
• Innovation…still lagging the India T20
transformation!
Learning from the past?
• A dynasty requires all three…

7. 7
THE AUSTRALIAN CRICKET STORY
A chronology of events helps to paint a picture…
…the “Invincibles” set the standard…but a rapid decline follows.
1948 – The “Invincibles”…62%
 Don Bradman & a great side
 Brilliance on all technical elements
× The tradition continues…
1950s – A Good Team…….42%
 Richie Benaud & a good side
× A strong technical side, but not brilliant
× The tradition continues…
1960s – The Slide …………36%
× Bill Lawry takes boredom to a new level
× A solid team…but…
× The tradition continues…

8. 8
THE AUSTRALIAN CRICKET STORY
A rebirth begins with a brash new captain…
…and the seeds of “disruptive innovation” are sown.
1971 – The New Era………..50%
 Ian Chappell captains his first test
 Technically competent…DK Lillee et al
× The tradition continues…
1976 – The Montreal Olympics
• Australia wins 1 silver medal
• Malcolm Fraser announces Royal
Commission into “decline of sport”
• Australia demands a new vision
1977 – The Packer Circus
• Chappell leads team into WSC
• Shakes the core of the establishment
• Australia becomes “professional”

9. 9
THE AUSTRALIAN CRICKET STORY
A brave captain rebuilds from the ruins of unguided disruption…
…leadership meets “disruptive innovation”.
1980s – Border Years…….32%
 Rebuilds the foundations
• 1987 CRICKET ACADEMY established
• Australia rebuilds – wins World Cup and
starts to believe in possibilities
1994 – Mark Taylor………..52%
 Intelligent leadership
 Talent emerges and is nurtured
• Innovation starting to impact
1999 – Steve Waugh………72%
 The science of leadership…with talent
 A new standard in technical application
 The end product of disruptive innovation

10. 10
THE AUSTRALIAN CRICKET STORY
A leadership forged in a new world…a “dynasty” emerges…
…and dominates the sport for more than 15 years.
Leadership
 The power of symbols…
 Understanding structure and processes…
 Setting new expectations on delivery
Structure and Processes
 Building on science…technical focus
 Strengthening the weakest links
 Every session had to be won
Disruptive Innovation
 The Packer changes…winning is the
game
 Institute of Sport – science meets cricket
 Organisation and deliberate leadership
strategies become a winning edge

11. 11
MINING: PATHWAY TO VALUE
The lessons we can learn are universal…
…and our performance is only constrained by our imagination.
Leadership
 What is possible…
 The power of symbols…
 Capable people doing the right work…
Structure and Processes
 Resources define potential…
 Mining strategies focus on potential…
 Managing processes delivers potential…
Disruptive Innovation
 People approaches drive productivity…
 Technologies step-change costs…
 Market demand can be created…

12. 12
LEADERSHIP…
ORGANIZATION
• Strategy defined to rebuild value………………………...“Driving Value”
• Business groupings reflect strategy elements……..global market mix
• Focus on rebuilding “core skills”...........................mining and markets
TALENT POOL
• Levels of work…………………………………......managing complexity
• Top 3 levels
• At start, 50% capable…………………………………now at +70%
• 141 now down to 99…….............................clear accountabilities
SYMBOLS
• Selling the jet and other “corporate conveniences”……..value focus
• Focus on delivering……….......................................11% now at 48%
• Asset reviews identify the 5 key issues.…………………...what to fix
An “Organization Model” is more than job descriptions…
…and the organisation is the STARTING POINT for driving change.

13. 13
1 2 3 54
9%
2%
71%
15%
4%
LEADERSHIP...
Sishen
Kolomela
Capcoal
Los Bronces
Mogalakwena
Collahuasi
Jwaneng
Orapa
(1) Total of 52 assets at Q1 2014 versus 55 assets at Q1 2013. Excludes both Khomanani and
Khuseleka (no longer in production) and Union North and Union South are now reported as Union
mine
Moranbah
CerrejónSnap Lake
Bathopele
40%
8%
48%
0%
4%
Collahuasi
Jwaneng
Orapa
Sishen
Kolomela
Moranbah
Capcoal
Los Bronces
Mogalakwena
Cerrejón
Kimberley
Bathopele
1 2 3 54
4 Quarters to Q1 2013
Q1 2014 Only
Failure to deliver can become a habit…it can become the culture…
Q1 2014
…where delivery must be an expectation.
2012/2013 Performance Delivery
• 19% of operations under budget with
no plan for recovery
• 71% of operations under budget with
a plan to recover
• 9% on budget
2014 Performance Delivery
• 4% of operations under budget with
no recovery plan
• 48% of operations under budget with
a validated recovery plan
• 48% of operations on budget.
…and delivering a $1.2bn EBIT run rate
improvement per Driving Value.

14. 14
“THE CRITICAL PROCESSES”
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment

15. 15
PATHWAY TO VALUE: “THE CRITICAL PROCESSES”
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment
1
2
3

16. 16
RESOURCE POTENTIAL: MOGALAKWENA
Recognising resource potential is the starting point…
Daily tonnes mined 2013 – 2014 YTD (including contractors)
New shovel
…pushing from 300kozs to 360kozs…to 420kozs…to ???.
+50%

17. 17
PATHWAY TO VALUE: “THE CRITICAL PROCESSES”
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment
1
2
3

18. 18
Original cut back sequence
New cut back sequence
Method and design changes
Mined out
Futurecut
Currentwastecut
30Mt (1Year)
New wastecut
30Mt (1Year)
Future cut
Mined out
PLAN
PLAN
SECTION
SECTION
Waste mined in 1
year does not
expose the ore
Waste mined in 1
year exposes the
ore in the New
Plan
MINING METHODS: MOGALAKWENA

19. 19
0
100000
200000
300000
400000
500000
600000
700000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
Eq.refinedPtoz
BP14 (L1) Step 1
MINING METHODS: MOGALAKWENA
1. MSC = Mogalakwena South Concentrator; 2. MNC = Mogalakwena North Concentrator; 3. MCC = Mogalakwena Central Concentrator
Total Tonnes Mined
Platinum Ounces
-
50
100
150
200
250
14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100
Totaltonnesmined[Mt]
BP14 Step 1
Step 1
Step 1

20. 20
0
100000
200000
300000
400000
500000
600000
700000
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
Eq.refinedPtoz
BP14 (L1) Step 1 Step 2
MINING METHODS: MOGALAKWENA
1. MSC = Mogalakwena South Concentrator; 2. MNC = Mogalakwena North Concentrator; 3. MCC = Mogalakwena Central Concentrator
Total Tonnes Mined
Platinum Ounces
-
50
100
150
200
250
14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100
Totaltonnesmined[Mt]
Step 1 Step 2
Step 2
Step 2

21. 21
0
100000
200000
300000
400000
500000
600000
700000
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
Eq.refinedPtoz
BP14 (L1) Step 1 Step 2 Step 3
MINING METHODS: MOGALAKWENA
1. MSC = Mogalakwena South Concentrator; 2. MNC = Mogalakwena North Concentrator; 3. MCC = Mogalakwena Central Concentrator
Total Tonnes Mined
Platinum Ounces
-
50
100
150
200
250
14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100
Totaltonnesmined[Mt]
Step 1 Step 2 Step 3
Step 3
Step 3

22. 22
PATHWAY TO VALUE: “THE CRITICAL PROCESSES”
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment
1
2
3

23. 23
DRIVING VALUE…IMPROVING THE PROCESS
So what does an F1 car have in common with a box?

24. 24
DRIVING VALUE…IMPROVING THE PROCESS
So what does an F1 car have in common with a box?
…it is about people…and the desire to achieve a better outcome.

25. 25
DRIVING VALUE…IMPROVING THE PROCESS
So what does an F1 car have in common with a box?
…it is about people…and the desire to achieve a better outcome.
Six Sigma
Lean Manufacturing
Integrated Asset Planning

26. 26
Strong productivity increases…100%... at Moranbah…
0
20
40
60
80
100
120
Jan
12
Jan
14
Jul
13
Jan
13
Jul
12
Moranbah
0
50
100
Jul-
12
Jan-
13
Jan-
12
Jul-
13
Jan-
14
Grasstree
Longwall
move
Longwall
move
Longwall move/Drift
collapse
Longwall
move
Longwall
move
Longwall
move
LW hours
LW hours
…Grasstree starting to show…+30%...encouraging performance.
IMPROVING THE PROCESS…MORANBAH

27. 27
PATHWAY TO VALUE: THE MORANBAH JOURNEY
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment
MET. COAL
MN- 2014
MN- 2013
MN- 2012
3.5mtpa
5.5mtpa
7.0mtpa

28. 28
Focus on operating strategy and consistency and control…
…delivers a 30% production improvement and 20% cost reduction.
IMPROVING THE PROCESS…BARRO ALTO
29-05-201408-04-201418-02-201429-12-201310-11-201326-09-201312-08-201328-06-201314-05-201301-04-2013
7000
6000
5000
4000
3000
2000
1000
Q2-13 Q3-13 Q4-13 Q1-14 Q2-14
1
1
22
22
2
1
1
1
2
2
2
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
22
2
2
2
2
1
1
11
1
1
1
2
2
2
2
2
22
2
1
1
22
22
2
2
2
3
3
2
2
2
1
2
1
1
1
1
1
1
1111
1
1
1
1
1
1
2
2
2
2
1
1
2
2
2
11
1
2
2
22
2
2
2
2
2
11
1
1
11
1
111122
2
2
2
2
2
2
2
1
2
2
2
2
1
1
11
2
2
2
Control Charter Q2-13 to Q2-14 Throughput (tms)
_
X = 4520
UCL = 6805
_
X = 5151
_
X = 5392
_
X = 4956
UCL = 7062
UCL = 6573
UCL = 6474
LCL = 2566
LCL = 5018
UCL = 7162
_
X = 6090
BARRO ALTO CONTROL CHART – YTD MAY
Strategy Intervention

29. 29
PATHWAY TO VALUE…KEY ASSETS
Note: Assets mapped to curve based on largest impact for improvement
Valuecreation
Pathway to Value
Ore body
Capability
Methods &
Design
Operating
Parameters
Planning &
Scheduling
Continuous
Improvement
Best
Practices
Resource-to-
market
Resource
Potential
Understand Operating Options
and
Value Configuration
Driving Performance
Endowment
MET. COAL
IRON ORE
PLATINUM
COPPER
NICKEL
THERM. COAL
M
PH
T
S L
BA
K
O
COL
LB
J
MN
GT
N
C
DIAMONDS
Nb&P

30. 30
DISRUPTIVE INNOVATION
The face of mining is radically changing…because it has to…
…and those that get it right will lead the industry in returns.
Technologies
 New mining methods
 Open technology platforms
 Application of material sciences
People
 Managerial leadership
 Engagement drives practices
 Learning from the “restless innovators”
Projects and construction
 Digital design and construction
 Modular configuration
 Communities and the MOTF

31. 31
WHAT’S IN A HAT?
Leadership is a journey…and every step is into the unknown…
…its not the outcome we debate…it’s the pathway to get there.

32. 32
ANGLO AMERICAN
REAL MINING. REAL PEOPLE. REAL DIFFERENCE.

33. THANK YOU