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Mxolisi Mgojo, Exxaro Mining Group CEO

In October 2017 Exxaro disposed of a portion of its shareholding in Tronox Limited (Tronox) following its announcement in March 2017 to monetise its stake in Tronox in a staged process over time to focus on its core operations.

In assessing the application of the proceeds realised on the sale, the board of directors of Exxaro considered its growth prospects, future capital commitments, the repayment of debt and the return of capital to its shareholders.

Following the evaluation of the group’s capital structure, the board of directors has resolved to pay a special dividend of ZAR4.5 billion out of income reserves, which equates to 1255 cents per Exxaro ordinary share (Exxaro share).

For future Tronox share disposals the board of directors will continue to evaluate its funding requirements for future capital commitments, to repay debt and to return capital to shareholders.

This special dividend has been approved by the Financial Surveillance Department of the South African Reserve Bank.

The special dividend is a dividend defined in the Income Tax Act, 1962. In terms of the dividend tax amendments which came into effect on 22 February 2017, the following additional information is disclosed:

– The local withholding tax on dividends rate is 20%; a net local dividend amount of 1004 cents per Exxaro share is
payable for shareholders liable to pay the dividend tax and 1255 cents per Exxaro share for shareholders exempt
from paying the dividend tax;
– The issued share capital of Exxaro at declaration date is 358 706 754 ordinary shares.
– The income tax reference number of the Company is 9218 098 14 4.

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