Shareholders are advised that Exxaro will release its reviewed annual financial results for the year ending 31 December 2015 on 3 March 2016.

The group's net operating loss reported for the year ended 31 December 2014 is expected to improve by at least R658 million (20%) for the year ending 31 December 2015, primarily due to the non-recurring pre-tax impairment loss of the Mayoko iron ore project amounting to R5 760 million in 2014.

A marginally higher net operating profit is expected from the coal operations for the year ending 31 December 2015 mainly due to higher export coal sales volumes at lower average Rand selling prices and higher Eskom sales due to the Medupi power station ramp-up in 2015, off-set by the non-recurring shortfall income recorded in 2014. Following the acquisition of Total Coal South Africa Proprietary Limited, the coal operations' financial results for 2015 will include this business (now renamed to Exxaro Coal Central Proprietary Limited) with effect from 1 September 2015.

Headline earnings for the year ending 31 December 2015 are likely to be at least R973 million (20%) lower than the comparative period ended 31 December 2014. The decrease in headline earnings is primarily attributable to the expected decrease in income from equity-accounted investments as a result of the decrease in iron ore, mineral sands and pigment commodity prices in 2015. As such, headline earnings per share (HEPS) are also likely to be at least 274 cents (20%) lower than the comparative year ending 31 December 2015.

Attributable losses reported for the year ended 31 December 2014 are likely to improve by at least R177 million (20%) for the year ending 31 December 2015. This improvement is primarily due to the non-recurring post-tax impairment loss of the Mayoko iron ore project amounting to R5 208 million recorded in the year ended 31 December 2014. As such, attributable losses per share (ALPS) are also likely to improve by at least 50 cents (20%) than the comparative period ended 31 December 2014.

Shareholders are advised that a further trading statement will be issued, as soon as the board of directors has reasonable certainty on the ranges for HEPS and attributable earnings/losses per share as required by the Listings Requirements of the JSE Limited.

The forecast financial information on which this trading statement is based has not been reviewed, audited nor reported on by Exxaro's external auditors.

This statement is issued in compliance with the Listings Requirements of the JSE Limited.

Editor's note:
Exxaro is one of the largest South African based diversified resources companies, with interests in the coal, titanium dioxide and ferrous commodities.www.exxaro.com

Enquiries:
Wim de Klerk
Finance Director
Tel: +27 12 307 4848
Mobile: +27 82 652 5145
Email: wim.deklerk@exxaro.com

Pretoria
11 November 2015

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)

distributed by