DELIVERING ON OUR BUSINESS PLAN

16 MAY 2016 - INTERIM RESULTS PRESENTATION

2

Agenda

Key Highlights1

Operational Performance2

Financial Performance3

Macro Environment4

Conclusion5

KEY HIGHLIGHTSBEN MAGARA CHIEF EXECUTIVE OFFICER

Key Highlights: Successful Progress on the Delivery of the Business Plan

Controlling the controllables

i.LTIFR has been on an improving trend since FY15. Regrettably three of our colleagues have been fatally injured, one in the half year and two post period end. Focus on safety improvements remains a priority

Safety improvements

5, 433 reductions comprising 3,070 employees and 2, 363 contractors, a further 1428 successfully redeployed and reskilled

iii.Reorganisation

successfully completed

PGM unit costs were R10,668 in H1 2016 and contained to R10,390 in Q2. Full year guidance of R10,400 maintained

iv.Continuing and sustained unit

cost improvementQ1'16 Q2'16

10,949 10,390

Generation 2 shafts broadly flat on H1 2015, Generation 1 shafts managed down in line with our plans to close high cost areas

Platinum sales up 36.1% on H1 2015

ii.Production

1,739 1,189

3,913 3,884

H1'15 H1'16

G1

G2

H1'15 H1'16

266 362

Tonnes mined, kt

Platinum sales, koz

Unit cost/PGM ounce

4

Key Highlights: Successful Progress on the Delivery of the Business Plan (cont’d)

5Enhanced liquidity

Continuing to strengthen the relationships with key stakeholders in a challenging operating environment

viii.Protecting social

investment

Dec'15 Mar'16

$474m

Operating profit up to $36 million from $(6)million in 2015 due to the beneficial impact of our cost reductions. The impact of the lower Dollar PGM prices was offset by the weaker Rand

vii.Improving

profitabilityH1'15 H1'16

$(6)m

$36m

v.

Cost savings ahead of schedule with R469 million savings achieved in H1 2016 (in FY15 money terms) - 67% of annual target of R700 million. Gross costs at R6,828 million in H1 2016, down R427 million on H1 2015 largely due to the reorganisation

Cost savings ahead of schedule

vi.Net cash at $114 million 31 March 2016

Liquidity of $474 million at 31 March 2016

Strengthened balance sheet

Sept'15 Mar'16

320474

Liquidity ($m)

EBITDA ($m)

OPERATIONAL PERFORMANCEBEN MOOLMANCHIEF OPERATING OFFICER

6

0.0

2.0

4.0

6.0

8.0

10.0

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16

Lonmin Peer 1 Peer 2 Peer 3 Pt Industry

7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2011 2012 2013 2014 2015 H1 FY16

Comparison of platinum peers – fatality rate

Lost time injury frequency rate

Safety

Ongoing commitment to achieve Zero Harm

Improvement

(12 Month Rolling)

LTIFR improved by 5.7% to 5.10 at 31 March 2016 from

5.41 at 30 September 2015

To date, three employees fatally injured. We extend our

deepest condolences to their families and friends

Improvement in safety resulted in significant reduction in

s54s safety stoppages in Q2 2016 vs. Q1 2016

Du Pont safety intervention programme

Safety improvements remain a priority and focus areas in

H1 includes:

Improvements to strata controls to prevent falls of

ground

Specific focus on interventions preventing finger

injuries - a major contributor to LTIs

No. of fatal incidents

Peer average

Operating Results

8

A total of 5.1 million tonnes were mined in H1 2016

77% of tonnes mined from the core Generation 2 shafts, where production of 3.9 million tonnes was broadly flat on H1 2015

Production from Generation 1 shafts down 27.7% to 1.2 million tonnes in line with our plan to close high cost areas in an oversupplied market

Mining

Productivity at Generation 2 shafts - improved on H1 2015 by 3.9% to 5.9 square metres per person

Productivity

Operation flexibility preserved – immediate available ore reserves of 22 months average production

Ore reserves

The other precious metals plant was successfully commissioned resulting in a cash flow benefit of around R116 million as a result of permanently reducing our metals in process stock

Other precious metals plant

Refined Platinum production at 348,885 ounces in H1 2016 was up 33% in comparison to the prior year period, when processing throughput was impacted by smelter stoppages

Refined production

Excellent concentrator recovery rates maintained at 86.8% in H1 2016Concentrated

recoveries

Delivering on Our Business Plan

Target Achieved to date Status

9

• Reduce high cost production ounces to improve the Group's profitability and cash flows

• Shut down complete: 1B shaft, Opencast• Pipeline closure: W1 + E1 (to be reassessed

September 16), Newman (end FY16), Hossy (end FY17)

1. Removing high cost production

i. Reorganisation: reduce headcount by 6,000 by the end of September 2016

ii. Costs: c.R0.7 billion savings target (in FY15 money terms) in FY16

iii. Productivity: focus on stoping crew efficiencies and half level optimisation resulting in sustained improvement of production rates

i. Reorganisation: s189 restructuring programme complete, including management restructure

ii. Costs: Total savings in H1 FY16 of R469 million, 67% of FY16 target

iii. Productivity: Productivity at Generation 2 shafts at 5.9 square metres per mining employee, 3.9% improvement on H1 FY15

2. Removing costs

• Limiting capital expenditure to that necessary for a safe, efficient and sustainable operation, c.$132 million guidance for FY2016

• Capital expenditure in H1 2016 was limited to $27 million. Revised FY2016 guidance $105 million

3. Reducing capital expenditure

• Maintain healthy level of immediately available ore reserves to enable operational flexibility

• Immediately available ore reserve position at 31 March 2016 of 22 months average production

4. Maintaining operational

flexibility

Delivering on Our Business Plan: Removing High Cost Production

10

Shafts Focus/status

Ge

ne

rati

on

2G

en

3G

en

era

tio

n 1

Shaf

ts o

f th

e f

utu

re

69%

H1 2016 H1 2015

77%

K4 N/A • Long term option remaining on care and maintenance - 23

K3 • Continued operational performance 1,318 1,336

Rowland • Continued operational performance 807 926

Saffy • Continued operational performance 990 830

4B /1B• 4B: Continued operational performance• 1B: Closed Oct 2015 – on care and maintenance

769 821

Total Gen 2 3,884 3,913

Hossy • Orderly closure and placed on care and maintenance by end of FY17 334 533

Newman • Orderly closure to care and maintenance as planned by end of FY16 245 399

E1,W1 • Closure deferred - re evaluation at the end of FY16 158 164

E2, E3(incl. JV 100%)

• Delivering operational performance as planned 442 535

Open cast • Closed – will be rehabilitated 10 108

Total Gen 1 1,189 1,739

Decision

Tonnes mined (kt)

Generation 2 contribution to total tonnes mined

Cutting high cost production in an oversupplied market

/

28,276 28,462 26,968 25,543

10,016 9,398 8,701 7,088

38, 292 37, 860 35, 669 32, 631

Sep-14 Mar-15 Sep-15 Mar-16

Delivering on Our Business Plan: s189 Restructuring Process Completed

Headcount reductions achieved

11

5,433 people had left the Group by 31 March 2016

No. of employees

4,500

3,070

1,500

2,363

6,0001,428

6, 861

Target by Sep-16 At Mar-16

No. of employees who have left the Group or have been redeployed since June 2015

Includes 2,491 voluntary separation

Employees Contractors Reskilled + Redeployed

Reskilling and redeployment of staff

Plans for the future

Headcount reduced 5, 433 at end March

1,428 employees reskilled and redeployed into vacant,

more productive roles

Once off redundancy costs paid in H1 2016 of $13 million

but $22 million lower than originally anticipated

Mining operations at E1 and W1 shafts to continue at least

until the end of the financial year; 1,100 employees

including c.1,000 contractors

Newman shaft closure by end of FY16 will impact c.1,100

employees including c.200 contractors

Hossy shaft closure by the end of FY17 will impact c.1,500

employees including c.200 contractors

Delivering on Our Business Plan: Productivity Improvements

Overall improvement in productivity of

Generation 2 shafts

Saffy productivity increased significantly

compared to H1 2015 – fully ramped up

during H1 2016

4B/1B shaft displayed the highest

productivity – closure of 1B has further

improved efficiencies

Productivity at K3 and Rowland impacted by

slight under complement of production

employees and the timing of s189 process

Concentrator recoveries remains strong

5.96.8

5.7

4.4

5.75.7

7.5

5.4 5.45.9

K3 4B/1B Rowland Saffy Generation 2shafts

H1 2015 H1 2016

Square metres per person – Generation 2 shafts

Concentrator recoveries maintained %

85.3 86.1 87.0 86.9 86.7 86.8

2011 2012 2013 2014 2015 H1 2016

12

Delivering on Our Business Plan: Minimising Near Term Capex and Maintaining Operational Flexibility

13

Diligent management of capital spend for cash

flow purposes

Capital expenditure in H1 2016 $27 million

Capital expenditure guidance for FY16 reduced

from $132 million to $105 million, as a result of:

Rand being weaker than anticipated

Concentrator operations: BTT third party

funding delayed

Operational flexibility preserved –

immediately available ore reserves at the

Generation 2 shaft not compromised by the

cost cutting initiatives

14.715.2

17.217.7

18.919.4

2011 2012 2013 2014 2015 H1 2016

months

Immediately Available Ore Reserves – Generation 2 Shafts

35 37

25 18

65

40

7

10

132

105

Original 2016 Revised 2016

Generation 2 Other mining Processing Others

$ million

Revised Capital Expenditure Outlook

Delivering on Our Business Plan: Maintaining Flexibility –Saffy Case Study

Growth in ore reserve is a critical enabler of the production ramp up

An ore reserve of around 20 months is adequate to sustain steady state

production level

We have successfully executed our plan to ramp up Saffy to full production

during a most challenging year

141. FY12 and FY14 have been normalised

878

886

847

2013

2015

H12016

Cost per tonne hoisted

(R/t) shaft head costs

20.8 20.0

22.724.6 25.3

23.256

74

8492

96 96

2013 2014 2015 Mar 2016 2016 Est 2017 Est

Ore Reserve (months) Crews

Immediately available Ore Reserves (Months) and Crews

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 H1 FY16

Shaft capacity

Average tonnes hoisted/month (kt)1

FINANCIAL PERFORMANCESIMON SCOTTCHIEF FINANCIAL OFFICER

Summary of Financial Results

16

6 months to 31 March Variance

2016 2015 Abs %

Platinum Sales koz 362 266 96 36.1%

Platinum Price $/oz 905 1,187 (282) (23.8)%

Basket Price $/oz 736 988 (252) (25.5)%

Revenue $m 515 508 7 1.3%

Underlying EBITDA $m 29 8 21 > 100%

Underlying LBIT $m (22) (70) 48 68.8%

Special Costs $m 7 (14) 21 > 100%

EBITDA/(LBITDA) $m 36 (6) 42 > 100%

LBIT $m (15) (84) 69 82.2%

Underlying LPS cents (3.2) (127.1)1 123.9 97.5%

Basic LPS cents (1.8) (164.6)1 162.7 98.9%

1. The number of shares held prior to 20 November 2015 has been adjusted by a factor of 0.08 to reflect the bonus element of the Rights Issue

Costs and Cost per PGM ounce - PGM Operations

17

1. Excludes inventory movement, group charges and FX2. Average FX for the period3. Cost of production of PGM operations per PGM ounce excluding ore concentrate and other purchases, Limpopo mining, special

costs, share based payments, inventory movement, FX and group charges

6 months to 31 MarchUnits 2016 2015 % Change

Gross underlying costs - PGM Operations1 Rm 6,828 7,255 5.9 %

Exchange rate on gross underlying costs2 R/$ 14.82 11.44 29.6 %

Gross underlying costs - PGM Operations1 $m 461 634 27.4 %

SA exchange translation impact $m (136) - n/a

Cost of production (PGM operations)3 R/oz 10,668 10,516 (1.4)%

Cost savings of R469 million achieved in H1 2016 (in FY2015 money terms)

67% of the annual target of R0.7 billion

• Labour cost savings of R416 million (in FY15 money terms) driven by reorganisation

• Total cost of ownership savings of R53 million (in FY15 money terms)

Unit costs were only 1.4% higher than H1 2015, despite the 8.2% year-on-year increase in labour cost

Delivering on Our Business Plan:Unit Costs on Track to Reach R10,400 per PGM ounce

18

10,380 10,668

10,949

10,390

Column2 Column3

R/o

z

R/oz

Impacted by safety stoppages

7,000

9,000

11,000

13,000

15,000

17,000

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2016

2015

Q1 15 Q1 16 Q2 15 Q2 16

FY16/17/18 guidance:c. R10,400/oz

H1 2015: 10,516H1 2016: 10,668

H1 unit costs typically higher than H2 due to

seasonality – December and Easter holidays

December 2015 and January 2016

impacted by capacity throughput

constraints

H2 2016 anticipated to benefit from full

impact of reorganisation

Annual wage increases in Q4 built into

our plans

H2 2015: 10,314

10,516 10,668

10,314 10,400 10,339

Column2 Column3

R/o

z

H1 15 H2 15 FY15 H1 16 FY16 target

19

Underlying EBITDA Variance Analysis

Proactive cost control has delivered results

8 (174) 180 14

181 (205)

43 (4) 29

(200)

(150)

(100)

(50)

-

50

100

150

200

250

H1 2015 EBITDA PGM Price FX effects Like-for -likeEBITDA

Sales Volumes& Mix

Stockmovement like-

for-like

CostSavings/Volume

Reduction

Other impacts H1 2016 EBITDA

$m

$6m

- $124m stock build-up in H1 2015

- ($81m) stock release in H1 2016

Excludes FX impact

External factors Factors under our control

1

1. Excludes impact of FX and PGM price movements

8 (174) 180 14

181 (205)

43 (4) 29

(200)

(150)

(100)

(50)

-

50

100

150

200

250

H1 2015underlying

EBITDA

PGM Price FX effects Like-for -likeEBITDA¹

Sales Volumes& Mix

Stockmovement like-

for-like

CostSavings/Volume

Reduction

Other impacts H1 2016underlying

EBITDA

$m

$6m

External factors Factors under our control

Cash Flow Statement Analysis

20Strengthened Balance Sheet

(185)

373

36 (11)(65)

38 (27)

(21)

(13)(11) 9 (9)

114

(200)

(150)

(100)

(50)

0

50

100

150

200

250

OpeningNet Debt

1 Oct2015

Netproceeds

fromissue ofshares

EBITDA Debtors Creditors Stock Capex Non cashitems

One offVSP

Payments

Netfinancing

cost

FX onloans &

bankbalances

DeferredRevenue

ClosingNet Cash

Seasonal Working Capital Requirement ($38m)

Balance Sheet Strengthened

21

Net cash position at 31 March 2016 of $114

million with liquidity of $474 million

Rights Issue in November2015 raised net

proceeds of $373 million

Bank debt facilities mature in May 2020

(assuming Lonmin exercises its option to extend

by one year)

RCF totalling $75 million and a $150 million

term loan

RCF totalling R1,980 million ($135 million)

320 219 264

203 210 320

422 474

Sep'15 Dec'15 Mar'16

Gross Cash Undrawn facilities

Liquidity ($m)

Liquidity of $474 million at 31 March 2016

(185)

69 114

Sep'15 Dec'15 Mar'16

Net (debt) / cash ($m)

MACRO ENVIRONMENTBEN MAGARA CHIEF EXECUTIVE OFFICER

Strong Underlying Performance in a Challenging Global Economy and PGM Market

23

0

400

800

1,200

1,600

2,000

0

3,000

6,000

9,000

12,000

15,000

18,000

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

R/oz

Source: Bloomberg

Macro specifics

Full Rand basket price

Working hard to deliver on the Business Plan

amid tough market conditions

Prices have trended upwards since the lows of

November 2015

• 34% uplift (in Rand terms) from the low in Nov ’15

• 15% uplift (in Rand terms) on a YTD basis

The weak PGM prices were offset by Rand

weakness

ZAR basket price of R10,962 was down for H1

2016 by 2.7% on the prior period vs. 25.4%

decrease in Dollar PGM prices

Current spot price is above unit cost guidance

9,0009,500

10,00010,50011,00011,50012,00012,50013,000

Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

R/oz

Platinum price performance

Pt price $/oz

$/oz

L3Y % change

Pt price ($) (29%)

Pt price (R) 16%

R11,263/oz R10,919/oz R10,962/oz

H1’15 H2’15 H1’16

Pt price R/oz

Unit cost target: 10,400

Spot

PGM Market Outlook

Continued growth in core demand segments will see PGM’s shift towards deepening deficits in the long term 24

Platinum Market Balance

0

2

4

6

8

10

12

14

16

18

20

2015 2016 2020 2025

Recycling

Other

USA

Canada

Russia

Zimbabwe

South Africa(adjusted)

Refined production

PGM (3E) Supply

Refined production peaks in 2019 where further investment would be required to ensure growth in primary production

moz

PGM (3E) Demand

0

2

4

6

8

10

12

14

16

18

20

22

2015 2016 2020 2025

Other

Medical,Dental &BiomedicalGlass

Electrical

Chemical

Petroleum

Gross jewellerydemandNon-road demand

Gross autocatalystdemandmoz

Automotive demand is forecast to grow at around

2%. Other industrial demand will grow at 4.5%. Jewellery

demand is forecast to be flat but as growth is a factor of

marketing this segment offer upside opportunity.

0

500

1000

1500

2000

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

RHS: Pt price, $

Source: SFA (Oxford)

LHS: Pt balance excl. investment, moz

Lonmin’s Stakeholders, Relationships and Commitment to the Mining Charter

25

Collaboration between government and business to limit credit downgrades The Reviewed Mining Charter – South African Chamber of Mines is responding to the Department

of Mineral Resources on behalf of all potentially affected companies to be resolved in a consultation process

Local government elections to be scheduled for 3 August 2016

Our South African Environment

Farlam – 143 dependent children are being educated through the trust Bapo ba Mogale Community – objective of awarding contracts worth over R200 million achieved

Our people and corporate citizenship

agenda

The merger between Shanduka, our former BEE partner and Pembani completed in Dec 2015 with Pembani assuming all the rights and obligations previously held by Shanduka

Lonmin retains its BEE equity ownership status Pembani has indicated its commitment to the Platinum sector and we anticipate developing a

long-standing mutually beneficial relationship The deadline for Pembani to exercise its option over Limpopo has been extended until 30 April

2017

Pembani and Limpopo

Continue to focus on strengthening relationships with union and ongoing communication about the state of the business

Lonmin will continue to work closely with the unions and engage constructively ahead of the wage negotiations

Relationships with unions and

negotiations

CONCLUSION BEN MAGARA CHIEF EXECUTIVE OFFICER

Changes to the Management Team

27

Ben Moolman (54)Chief Operating OfficerBSc Engineering (Mining)Ben joined us in August 2014 to head up our newly established Business Support Office, was promoted to Chief Operating Officer in February 2015 and was subsequently appointed to the Board in June 2015

Ben Magara (48)Chief Executive OfficerBSc Eng (Hons), ADP (LBS)Ben joined the Company and Board as Chief Executive on 1 July 2013

Abey Kgotle (45)EVP Human ResourcesB.Soc.Sc, M.Dip HRMAbey joined Lonmin in April 2008 and was appointed Executive Vice President Human Resources in September 2013

Lerato Molebatsi (46)EVP Communications and Public AffairsBA Phil, SMDP (Stellenbosch)Lerato joined Lonmin in September 2013 from the Department of Labour, where she was the Deputy Director General; Corporate Services

Thandeka Ncube (46)Executive Sustainability and Transformation, Pembani GroupB.Soc.Sc, MBA (Henley Business School)Thandeka works with Pembani’s investee companies advising on transformation and broad based empowerment

Mike da Costa (51)EVP Business Support OfficeBSc Engineering, MBAMike joined Lonmin in September 2008 and has held a number of different roles in the company. He was appointed to his current role in July 2015

Simon Scott (57)Chief Financial OfficerCA (SA)Simon joined Lonmin and the Board in September 2010, became CFO in November 2010 and was Acting CEO during the period 24 August 2012 to 30 June 2013.

Barrie van der Merwe (40)Chief Financial Officer DesignateCA (SA)Barrie joins Lonmin and the Board as Chief Financial Officer on 17 May 2016

Conclusion

28

Sales guidance for FY 2016 maintained at around 700,000 Platinum ounces

Unit cost guidance maintained at approximately R10,400 per PGM ounce produced

Capital expenditure guidance reduced from $132 million to $105 million (including $7 million for BTT plant to be third party funded)

28Prudent, proactive, disciplined Business Plan focused on cash maximisation and value creation

in this low price environment

Delivering against the Business Plan

Keeping promise to reduce high cost production

Reorganisation and s189 process complete

Cost savings ahead of schedule

Unit costs kept to R10,390 in Q2

Balance sheet strengthened: net cash of $114 million at 31 March 2016, liquidity of $474 million

Continuing to aim to be cash flow positive after capex

Market conditions remain tough

Guidance

Conclusion

QUESTIONS?

APPENDICES

Exploration

MiningProcessing

Marketing

We are Lonmin – The Investment Case

Lonmin is one of only three

integrated “mine-to-market”

primary platinum producers

globally and the only LSE/JSE

listed Platinum producer

Source: SFA (Oxford)

Sou

th A

fric

an S

haf

t d

epth

s -

mb

s

Shallow Depth Shafts Enhancing Ease of Access and Lower Costs

Top 3 Platinum Producer Globally with High Quality, Long-life PGM Resources

Our aim is to create long term value for our shareholders as we move through the economic cycle 31

-2,500

-2,000

-1,500

-1,000

-500

0South African shaft depths, mbs

Lonmin Generation 1 Shafts

Lonmin Generation 2 Shafts

Lonmin Marikana

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

-50 0 50 100 150 200 250 300 350

In-s

itu

gra

de (

4E g

/t)

Resource size, contained 4E PGMs (moz)

Resources (inclusive of reserves) versus productionBubble size = 4E production, CY2015

Fully integrated

value chain

Delivering on Our Business Plan: Achieving Cost Savings

Cost savings of R469 million achieved in H1 2016

(in FY15 money terms)

67% of the annual target of R0.7 billion

• Labour cost savings of R416 million (in FY15

money terms) driven by reorganisation

• Total cost of ownership savings of R53 million

(in FY15 money terms)

A further benefit of R116 million has been

realised as a result of permanently reducing our

metal in process stock following upgrade to the

other precious metals plant at the precious

metals refinery

FY17 cost savings target of R1.6 billion (FY15

money terms)

• Full year impact of FY16 reorganisation

• Newman, E1 and W1 closures

• Hossy scaling down

• Total cost of ownership savings

416

53

469

700

H1 2016 FY16 target

R m

illio

n

Labour cost savings Total cost of ownership savings

67% of full year target achieved in H1

32

Summary of Production Statistics

33

6 months to 31 March 2015

6 months to 31 March 2016

SRK report

FY 2015 FY 2016 FY 2017 FY 2018

Total tonnes mined kt 5,675 5,073 11,298 11,757 10,078 9,695

K3 kt 1,336 1,318 2,713 3,062 3,042 3,209

Rowland kt 926 807 1,872 1,981 1,845 1,853

Saffy kt 830 990 1,758 2,204 2,199 2,316

1B,4B kt 821 769 1,628 1,874 1,502 1,329

Total Generation 2 kt 3,913 3,884 7,971 9,121 8,588 8,707

K4 kt 23 - 49 - - -

Hossy kt 533 334 953 770 401 -

Newman kt 399 245 765 464 0 -

E1,W1 kt 164 158 328 156 0 -

E2, E3 (incl. JV 100%) kt 535 442 1,002 1,246 1,089 988

Open cast kt 108 10 230 - - -

Total Generation 1 kt 1,739 1,189 3,278 2,636 1,490 988

Total tonnes milled kt 6,020 5,040 11,810 12,052 12,539 13,615

Milled head grade g/t 4.52 4.55 4.47 4.53 4.05 3.82

Concentrator recovery rate % 87.0 86.8 86.7 86.78 84.03 82.61

Operating cost ZAR/t

K3 ZAR/t 838 868 840 756 766 732

Rowland ZAR/t 809 954 825 780 779 756

Saffy ZAR/t 898 847 886 761 759 724

1B,4B ZAR/t 745 724 760 696 697 767

Total Generation 2 ZAR/t 824 852 830 750 755 741

Hossy ZAR/t 849 965 927 808 1,135 n.a

Newman ZAR/t 746 852 738 930 n.a. n.a.

E1,W1 ZAR/t 944 957 957 978 n.a. n.a.

E2, E3 (incl. JV 100%) ZAR/t 870 923 947 734 756 767

Total Generation 1 ZAR/t 840 925 853 805 858 798

Generation 2 shafts

Successful downsizing and reduction of production volumes to focus on profitable ounces H2 2016 to be the first “clean” semester not impacted by the restructuring effort Seasonality with H2 2016 production higher than H1 2016 (holidays)

Marikana Mines Overview

34

Shaft Lifecycle of Marikana Mines

Ree

f P

rod

uct

ion

% o

f C

apac

ity

Build-up

High Cost & Capital Requirement Low Unit Costs Increased Unit Costs

Generation 3Generation 2Generation 1

Rowland MK2

K3 UG2 Sub-Incline Hossy (Stoping Only)

E2

Newman UG2

E1

W1

Steady-state Wind down

35

Shaft Head Cost per Ton (excl. Central Mining Services)

Costs well contained notwithstanding 8.2% increase in labour costs 36

Costs

2016 2015

Revenue (reported) $m 515 508

Metal stock movement (like-for-like) $m (81) 124

Cost SA (reported) Rm (6,828) (7,255)

Like-for-like FX R/$ 11.44 11.44

Costs (like-for-like SA) $m (597) (634)

Costs (like-for-like RoW) $m (8) (10)

Costs (like-for-like) $m (605) (644)

Exchange (total) $m 200 20

Cost of sales (reported) $m (486) (500)

EBITDA (underlying) $m 29 8

Depreciation (reported) $m (51) (78)

EBIT (underlying) $m (22) (70)

Cost of production (PGM operations) R/oz 10,668 10,516

6 months to 31 March

Gross underlying costs of $461 million plus exchange of $136 million 37

Consolidated Income Statement for the period ended 31 March 2016

38

6 months to

31 March

2016 Special items

6 months to

31 March

2016

6 months to

31 March

2015 Special items

6 months to

31 March

2015

Underlying Total Underlying Total

$m $m $m $m $m $m

Revenue 515 - 515 508 - 508

EBITDA / (LBITDA) 29 7 36 8 (14) (6)

Depreciation, amortisation and impairment (51) - (51) (78) - (78)

Operating loss (22) 7 (15) (70) (14) (84)

Finance income 14 19 33 7 9 16

Finance expenses (16) (21) (37) (12) (36) (48)

Share of loss of equity accounted investments (2) - (2) (2) - (2)

Loss before taxation (26) 5 (21) (77) (41) (118)

Income tax credit 15 - 15 9 24 33

Loss for the period (11) 5 (6) (68) (17) (85)

Attributable to:

- Equity shareholders of Lonmin Plc (7) 3 (4) (61) (18) (79)

- Non-controlling interests (4) 2 (2) (7) 1 (6)

Loss per share (1.8)c (164.6)c

Diluted loss per share (1.8)c (164.6)c

Consolidated Statement of Financial Position as at 31 March 2016

39

As at As at

31 March 31 March

2016 2015

$m $m

Non-current assets

Goodwill - 40

Intangible assets 94 455

Property, plant and equipment 1,455 2,874

Equity accounted investments 25 28

Royalty prepayment 38 39

Other financial assets 18 25

Deferred tax assets 8 -

1,638 3,461

Current assets

Inventories 243 496

Trade and other receivables 85 75

Tax recoverable - 2

Other financial assets 95 310

Cash and cash equivalents 264 60

687 943

Current liabilities

Trade and other payables (143) (215)

Provisions - -

Interest bearing loans and borrowings - (80)

Deferred revenue (14) (26)

Tax payable (1) -

(158) (321)

Net current assets 529 622

Non-current liabilities

Interest bearing loans and borrowings (150) (262)

Deferred tax liabilities - (342)

Deferred royalty payment (3) (4)

Deferred revenue - (14)

Provisions (119) (131)

(272) (753)

Net assets 1,895 3,330

Capital and reserves

Share capital 586 583

Share premium 1,816 1,448

Other reserves 88 88

(Accumulated loss) / retained earnings (484) 1,087

Attributable to equity shareholders of Lonmin Plc 2,006 3,206

Attributable to non-controlling interests (111) 124

Total equity 1,895 3,330

Consolidated Statement of Cash Flow

40

6 months to 6 months to

31 March 31 March

2016 2015

$m $m

Loss for the period (6) (85)

Taxation (15) (33)

Share of loss of equity accounted investments 2 2

Finance income (33) (16)

Finance expenses 37 48

Non-cash movement on deferred revenue (9) (10)

Depreciation, amortisation and impairment 51 78

Change in inventories 38 (124)

Change in trade and other receivables (11) 1

Change in trade and other payables (65) (31)

Change in provisions (47) (15)

Share-based payments 15 7

Loss on disposal of property, plant and equipment - 3

BEE charge - 13

Cash (outflow) / inflow from operations (43) (162)

Interest received 5 3

Interest and bank fees paid (16) (11)

Tax paid - -

Cash outflow from operating activities (54) (170)

Cash flow from investing activities

Contribution to joint venture (2) (2)

Purchase of property, plant and equipment (27) (64)

Purchase of intangible assets - (1)

Cash used in investing activities (29) (67)

Cash flow from financing activities

Dividends paid to non-controlling interests - (19)

Proceeds from current borrowings - -

Repayment of current borrowings (505) -

Proceeds from non-current borrowings 150 180

Proceeds from equity issuance 395 -

Costs of issuing shares (27) -

Gain on retranslation and forward exchange contracts on equity issuance 5 -

Issue of other ordinary share capital - -

Cash inflow from financing activities 18 161

(Decrease) / increase in cash and cash equivalents (65) (76)

Opening cash and cash equivalents 320 143

Effect of exchange rate changes 9 (7)

Closing cash and cash equivalents 264 60

(2.00)

(1.80)

(1.60)

(1.40)

(1.20)

(1.00)

(0.80)

(0.60)

(0.40)

(0.20)

0.00

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

Pt supply-demand balance, moz

(1,400)

(1,200)

(1,000)

(800)

(600)

(400)

(200)

0

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

Pd supply-demand balance, moz

(60)

(40)

(20)

0

20

40

60

80

100

120

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

Rh supply-demand balance, koz

Platinum - Reductions to supply have outweighed downward revisions to autocatalyst demand and have shifted the platinum market balance into modest deficits out to 2020 from the small surpluses that were anticipated in the last review. In the long term the significantly deepening deficits remain unchanged

Palladium - In the long term, industrial palladium demand is set to be progressively weakened by thrifting and substitution in key electrical markets and the dental industry, which are likely to contribute to a reduction in palladium consumption

Rhodium - Primary rhodium supply peaks at 755 koz in 2019 (730 koz including disruption factor), and reduces at 2.8% p.a. between 2020 and 2025 (vs. -2.6% p.a. for platinum and -1.9% p.a. for palladium). Probable and possible projects comprise mainly palladium-rich, rhodium-poor orebodies (over 80% of potential new capacity). The addition of these projects would see global rhodium supply maintained at 740-760 koz/y until around 2028 before depletion reduces supply to below 700 koz

Source: SFA (Oxford)

41

Long Term Market Outlook

Disclaimer

This presentation, which is personal to the recipient, has been issued by Lonmin. This presentation includes forward-lookingstatements. All statements other than statements of historical fact included in this announcement, including without limitationthose regarding Lonmin's plans, objectives and expected performance, are forward-looking statements. Lonmin has based theseforward-looking statements on its current expectations and projections about future events, including numerous assumptionsregarding its present and future business strategies, operations, and the environment in which it will operate in the future.Forward-looking statements generally can be identified by the use of forward-looking terminology such as 'ambition', 'may', 'will','could', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek' or 'continue', or negative forms or variations ofsimilar terminology. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and otherfactors related to Lonmin, including, among other factors: (1) material adverse changes in economic conditions generally or inrelevant markets or industries in particular; (2) fluctuations in demand and pricing in the mineral resource industry andfluctuations in exchange rates; (3) future regulatory and legislative actions and conditions affecting Lonmin's operating areas; (4)obtaining and retaining skilled workers and key executives; and (5) acts of war and terrorism. By their nature, forward-lookingstatements involve risks, uncertainties and assumptions and many relate to factors which are beyond Lonmin‘ control, such asfuture market conditions and the behaviour of other market participants. Actual results may differ materially from thoseexpressed in forward-looking statements. Given these risks, uncertainties, and assumptions, you are cautioned not to put unduereliance on any forward-looking statements. In addition, the inclusion of such forward-looking statements should under nocircumstances be regarded as a representation by Lonmin that Lonmin will achieve any results set out in such statements or thatthe underlying assumptions used will in fact be the case. Other than as required by applicable law or the applicable rules of anyexchange on which Lonmin's securities may be listed, Lonmin has no intention or obligation to update or revise any forward-looking statements included in this presentation after the publication of this presentation. This presentation is for informationonly and does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase, any sharesin Lonmin or any other securities, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied upon inconnection with, any contract or investment decision related thereto. Information supplied by host presenters may not be used,referenced or published without the prior written consent of the author of the presentations.

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