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Circular to Kumba Shareholders

05 October, 2011

The implied issue for cash of approximately five million Kumba Shares as a result of the swap of approximately fifteen million Sishen Iron Ore Company (Proprietary) Limited ("SIOC") Shares distributed to Participating Employees of the SIOC Employee Share Participation Scheme ("SIOC ESPS") in exchange for Kumba Shares, at the end of the First Capital Appreciation Period and subsequent repurchase by SIOC from Kumba of an equivalent number of SIOC Shares.

Download: kumba_circular.pdf