0

www.maaden.com.sa

Aluminium

Phosphate

Gold

Infrastructure

Ma’aden – Saudi Arabian Mining Company

Earnings Call Presentation Q4 2015

January 27, 2015

Copper

This presentation contains statements that are, or may be deemed to be, forward looking statements, including statements about the beliefs and expectations of Saudi Arabian

Mining Company (the "Company"). These statements are based on the Company's current plans, estimates and projections, as well as its expectations of external conditions

and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. As a result of these risks, uncertainties and

assumptions, a prospective investor should not place undue reliance on these forward-looking statements. A number of important factors could cause actual results or

outcomes to differ materially from those expressed in any forward-looking statements. The Company is not obliged to, and does not intend to, update or revise any forward-

looking statements made in this presentation whether as a result of new information, future events or otherwise.

This communication has been prepared by and is the sole responsibility of the Company. It has not been reviewed, approved or endorsed by any financial advisor, lead

manager, selling agent, receiving bank or underwriter retained by the Company. This communication is provided for information purposes only. In addition, because this

communication is a summary only, it may not contain all material terms and this communication in and of itself should not form the basis for any investment decision.

The information and opinions herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty, express or implied,

is made with respect to the fairness, correctness, accuracy reasonableness or completeness of the information and opinions. There is no obligation to update, modify or amend

this communication or to otherwise notify you if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

You are strongly advised to seek your own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues discussed herein. Analyses

and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any

representation or warranty as to future performance of any financial instrument, credit, currency, rate or other market or economic measure. Furthermore, past performance is

not necessarily indicative of future results. The Company disclaims liability for any loss arising out of or in connection with your use of, or reliance on, this communication.

These materials may not be published, distributed or transmitted and may not be reproduced in any manner whatsoever without the explicit consent of Ma’aden’s management.

These materials do not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Forward Looking Statement

1

Sustainability

2015 Highlights

Growth Projects

Market Outlook

Financial Highlights

Operational Performance

Summary

Engr. Khalid S. Al-Mudaifer

President & CEO

2

Integrating Sustainability

0.39

0.3

0.2

0.05 0.04 0.05

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

2010 2011 2012 2013 2014 2015

Lost Time Injury Frequency Rate (LTIFR)

87% reduction in LTIFR

- .

- Achieved zero fatalities in 2015

- We continue to invest in Environment, Health & Safety (EHS)

- Implementing a strategy of beyond compliance in EHS

- Community is part of Ma’aden; we continue to positively impact

the people around our operations

- Ma’aden achieved 65.7% of Saudization in 2015

Our sustainability report 2014

1%

77%

2%

20%

Spend on Community Initiatives By Category - 2015

Community development

Education and Training

Health & welfare; water &sanitationInfrastructure

3

2015 Highlights

Despite challenging market; Ma’aden delivered its major milestones with good set of results

Although, 2015 witnessed sharp decline in commodity prices impacting our revenues and margins;

Ma’aden were able to partially mitigate by increasing volumes and reducing costs.

4

Operation - Record volumes achieved in DAP, Gold and

Aluminium - Reduction in unit cash cost in phosphate and

Aluminium businesses - Commissioning of Ad-Duwayhi and Jabal Sayid Mines - Focused progress on the ramp-up of refinery &

rolling mill

Financial - Revenue of SAR 10.96 billion, highest ever - EBITDA of SAR 3.64 billion, maintained the margins

at 33% even in challenging market - Net income of SAR 605 million - Invested SAR 13.5 billion in capex - Generated a net cash SAR 2.2 billion

2015 vs 2014 Sales Volumes (%Ch) Unit Cash cost (%Ch)

Aluminium +25% -20%

DAP / MAP +10% -5%

Gold +8.5% +7.7%

2015 vs 2014 (% Ch)

Revenue +2%

EBITDA +1%

Net Income -55%

Growth Projects

5

Copper

Aluminium - Alumina refinery achieved ~50% of capacity in 2015; ramp-up is progressing

well to achieve its nameplate capacity - Rolling Mill is progressing well; automotive mill is under technical ramp-up

2016 – MBAC commercial

Rolling mill to ramp-up and increase capacity

utilization

Phosphate

WAS project is progressing well to complete its construction in by end of 2016 - Ammonia plant has completed 85% of its construction - Overall phosphate complex is progressing well; construction

currently 65%, expected completion in end of 2016

2016 – WAS construction to complete 2016 – Ammonia trial production Early 2017 - first DAP production

Aluminium

- Alumina refinery achieved ~50% of capacity in 2015; ramp-up is progressing well to achieve its nameplate capacity

- Rolling Mill is progressing and it sold 53K tonnes of rolled products in 2015

2016 – MBAC & MRC are

ramping up to increase

capacity utilization

Copper - Commissioning of Jabal Sayid mine began in December 2015

and we produced +2,200 tonnes in December

2016 – Jabal Sayid Commercial

Exploring for more copper resources

Aluminium - Alumina refinery achieved ~50% of capacity in 2015; ramp-up is progressing

well to achieve its nameplate capacity - Rolling Mill is progressing well; automotive mill is under technical ramp-up

2016 – MBAC commercial

Rolling mill to ramp-up and increase capacity

utilization Gold - Commissioning of Ad Duwayhi began in October 2015; - Feasibility study of Mansoorah and Massarah is on track for

completion in 2016

Q1 2016 – Ad Duwyahi commercial

Exploring for more gold resources

Near term target of 500,000 oz

Commodity Progress Plans ahead

MBAC – Ma’aden Bauxite and Alumina Company MRC – Ma’aden Rolling Mill Company WAS – Wa’ad Al Shamal

Aluminium Market

Source: CRU December 2015, Harbor Aluminium

Monthly average LME price & forecast

- Demand of Aluminium is growing year on year

- The global Aluminium balance is set to improve in 2016; expected deficit from 2017

- Some of the major global players have

announced a series of closures which is helping to reduce the supply

- However, the market will still remain in surplus for 2016 as per CRU forecast

- The LME price has rallied from its late November low of $1,440/t, but the price has struggled to breach $1,500/t.

- The premiums (MJP) compared to last quarter have improved by US$ 20-30 per tonne

- The prices may continue to be range bound in

2016

6

Demand & Supply Forecast

350

400

450

500-15%

Feb Dec Oct Q3-

2015

Q2-

2015

Q1-

2015

Q4-

2014

Q3-

2014

Forecast

2014 Vs 2015 Key Fob index, Tampa and KSA, $/Mt

Tampa

KSA

Tampa F

KSA F

Market Overview – Ammonium Phosphate

- Overall the demand is growing at CAGR of 1.8%

- India imported ~5.8 Mt of DAP, 61% higher in 2015 and Brazil lowered its import by 27% at 2.7 Mt in 2015.

- In 2015, China became the largest DAP exporters with around 10 million tonnes, 35% more than 2014 level.

- Decline in crop prices, currency devaluation has impacted the demand in Brazil, India, East Africa, Vietnam, etc, resulting in decline in phosphate prices.

- The development in key markets have negatively impacted the prices cross the globe

- Following the lack of demand and price reduction, some of the major producers havel announced curtailment in the low season

Source: CRU Oct 2015

7

Source: Secondary Analysis, Fertcon, OANDA, CRU, CME Group and GTA

Khalid Al-Rowais

SVP, Finance & CFO

Sustainability

2015 Highlights

Growth Projects

Market Outlook

Financial Highlights

Operational Performance

Summary

8

Q4 2015 VS Q4 2014

MARKET Commodity prices declined sharply which led to the reduced revenue and income - Average LME prices of Aluminium declined

by 22.5% and the MJP premiums fell by 78.5%

- DAP and Ammonia realized prices fell by 11% and 26% respectively

- Gold realized prices declined by 11%

OPERATIONAL The positives of higher volumes and reduced cost partially offset impact - DAP sales increased by 19% - Aluminium sales increased by 7%; external

sales reduced by 19% due to higher consumption in rolling mill

- External Ammonia sale declined by 12%

FINANCIAL Net income reduced on account of - Loss from SAMAPCO - One time inventory loss - Non-recurring cost at MAC, and MIC - Low income from short-term investments

Q4 2015 Results Highlight…

SAR million Key Financial ResultsKey Financial Results - Quarter

Net income attrib. to shareholders'

of parent co.

Net income

EBITDA

Operating

income

Revenue

3,4782,541 2,659

610

263 182

5%

-31%

1,230870 776

-11%

500

122 39-68%

376

80-6

-107%

-24%

-70%

-37%

-92%

-102%

Q3-15 Q4-14

18% 10% % of Sales 7%

35% 34% % of Sales 29%

14% 5% % of Sales 2%

11% 3% % of Sales

Q4-15

Q4-15

vs.Q3-15

Q4-15

vs.Q4-14

9

- -

2015 Year End Results

SAR million Key Financial ResultsKey Financial Results - YTD

Net income attributable to

shareholders' of parent co.

Operating

income

Revenue

Net income

EBITDA

10,79210,956

1,9971,305

2%

-35%

3,595 3,644

1%

1,737

808-53%

1,357

605-55%

2014A

19% % of Sales 12%

33% % of Sales 33%

16% % of Sales 7%

13% % of Sales 6%

2015A

2015 VS 2014

MARKET Second half of 2015 witnessed a sharp decline in all commodity prices - Average LME prices of Aluminium

declined by 9% and MJP premium declined 31.6%

- DAP realized prices remained flattish - Ammonia realized prices declined by

more than 16% - Gold prices declined by 9%

OPERATIONAL - Overall, Aluminium sales increased by

26% and external sales decline by 5% on account of increased consumption in rolling mill

- External sales of Ammonia sales declined by 30% due to shutdown and higher phosphate sales

- Gold sales were higher by 8.5%

FINANCIAL - One time Inventory loss - Higher financial charges - Non-recurring cost at MAC, and MIC - Losses from SAMAPCO

10

Phosphate Business

Operational Performance - In 2015, we achieved highest ever

production and sales of 2.6 Mt of ammonium phosphate on the back of increased productivity and stable operations

- External sales of ammonia declined due to

increased consumption by ammonium phosphate plant and shutdowns of ammonia plant in 2015

- During the year, unit cash cost of

ammonium phosphate and ammonia reduced by 5% versus 2014 on account of increased efficiencies and cost improvements

- Although, sulfur prices increased by 4% in 2015, we were still able to curtail the cost.

- We have reached our capacity utilisation rates; continued focus is also to improve the efficiencies

11

Key drivers - Low cost operations - first quartile - Strategically located to the growing markets - Increasing footprint across geographies

Sales All numbers are in ‘000 tonnes, except as mentioned)

Particular Q4 2015 Q4 2014 % Ch 2015 2014 % Ch

Ammonium Phosphate

745.00 628.00 18.63% 2,634.00 2,384.00 10.49%

Ammonia 143.00 163.00 -12.27% 461.00 660.00 -30.15% Ammonium Phosphate – DAP / MAP

Marketing - Expand in market diversification, growth and penetration to new

markets (Brazil, Africa, Vietnam and Bangladesh)

- Optimizing customers cost-to-serve

Aluminium Business

Operational Performance 2015, has been an excellent year in terms of operational performance in Aluminium

- Produced and sold ~0.84 million tonnes of primary Aluminium

- During the year, Alumina refinery

produced 0.84 million tonnes of alumina

• Ma’aden reduced Aluminium cash

cost by ~20% versus 2014 on the back of increased productivity and efficiencies, increase alumina consumption from its own refinery and other cost cutting measures

• LME Prices & premiums declined sharply in 2015; which impacted revenues and margins

Key drivers - Low cost operations - Our operations boast high levels

of efficiency 12 Source: Harbor Aluminium

1400

1500

1600

1700

1800

1900

2000

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16

In December LME aluminum experienced a bearish rally…

January 2016

2

LME 3M ALUMINUM PRICES ($/mton; daily data)

Source: HARBOR Aluminum with LME data*Price as of January 5, 2016

Prices rallied as anticipated during the second half of December, reaching a 2-

month intraday high of $1,564 per mton on December 23. However, prices fail to

sustain levels above the $1,545 per mton multi-year technical threshold and

started to fall again in January.

$1,545

$1,430

$1,463*

AllnumbersareinUS$/tonne

Particular Q42015 Q42014 %Ch 2015 2014 %ChLMESpotCash 1,494.64 1,968.46 -24.00% 1,663.17 1,865.87 -10.90%MJPPremium 90 420 -78.50% 247.5 361.25 -31.60%

Gold Business

Operational Performance • Our Gold production and sales

increased by 6.5% and 8.5% respectively in 2015 due to higher production from Sukhayabarat and Bulgah Mines

• Q4 2015, witnessed a decline of 2.3% and 4.5% in production and sales respectively due to low grades in Mahd Ad Dahab & Al Amar mines

• Gold cash cost increased by

7.7% in 2015 versus 2014 on account of higher mining costs from As Suq, Sukhaybarat and Bulgah Mines

Key Drivers

- Ad-Duwyahi will drive cost down

- Focused exploration will increase

the reserves and resources

13

Gold Price Movement

Source: Yahoo Finance

Net Income Bridge

(All numbers are in SAR millions)

Revenue Operating Expenses -819 -61 COS 329

-52%

-92%

Q4 2015 vs Q4 2014

1,737

-1,106

51

379-49

60 46-75

-146-67 -20 -2

808

NetIncome2014A

Priceeffect

Volumeeffect

Costeffect

Selling &mktg.

G&A Explo. &Tech. serv.

Non-recur.Items

Fin.charges

Share inSAMAPCO

Short terminv. inc.& others

Zakat NetIncome2015A

500

-685

-13490

327-88

34-4

31 18-30 -29

9 39

NetIncomeQ4-14

Priceeffect

Volumeeffect

Volumeeffect

Costeffect

Invty.loss

Selling &mktg.

G&A Explo. &Tech. serv.

Fin.charges

Share inSAMAPCO

Short terminv. inc.& others

Zakat NetIncomeQ4-15

Operating Expenses 17 Gross Profit -676

2015 vs 2014

14

Segment Analysis Phosphate

Aluminum

Prec. Metals

Sales

EBITDA

2015A 2014A

52%

42%

7%

50%

43%

6%

67%

27%

6%

62%

34%

4%

15

Our Strategy

16

Building the

Third Pillar

of Saudi Industry

THANK YOU

Contact us: Ma’aden Investor Relations Email: invest@maaden.com.sa

Q&A

17