EXX: Changes To The Board and Trading Statement For The Year Ended 31 December 2022. EXXARO RESOURCES LIMITED Incorporated in the Republic of South Africa (Registration Number: 2000/011076/06) JSE share code: EXX ISIN: ZAE000084992 ADR code: EXXAY (“Exxaro” or the “Company”) CHANGES TO THE BOARD AND TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 In compliance with paragraph 3.59 of the JSE Limited Listings Requirements and paragraph 6.39 of the Debt Listings Requirements, as an update to earlier guidance on 3 March 2021, shareholders are advised that the board of directors (“Board”) has approved the early exit of Mr MDM Mgojo with effect from 31 July 2022. The appointment of Dr N Tsengwa as chief executive officer will be effective as from 1 August 2022. The Board thanks Mr Mgojo for his invaluable contribution to Exxaro and wishes him well in his retirement and looks forward to Dr Tsengwa’s management of the Company. Shareholders are also advised of the executive appointment of Mr Kgabi Masia in the position of managing director: minerals, formerly held by Dr N Tsengwa. Mr Masia has exposure to Manganese, Coal and Aluminum Operations in his career. He has also worked across multiple functions such as operations, commercial, supply, logistics at a General Manager level and brings deep insight of the sector. He has led and executed decarbonisation strategies and exits. He has operated at executive level when he led South32’s SA Coal business and has served more broadly on the Minerals Council. Mr Masia’s most recent role was President, South Africa Energy Coal for South 32 and he has worked for one company his entire career (South 32/BHP). Shareholders are advised that Exxaro and its directors have a reasonable degree of certainty relating to the expected financial results of Exxaro for the year ended 31 December 2021. Headline earnings per share (“HEPS”) for the year ended 31 December 2021 is expected to increase between 50% and 64% compared to the year ended 31 December 2020. Despite the logistical challenges experienced in our coal business and the impact of the stronger ZAR/USD exchange rate on export revenue, this was more than offset by the higher prices realised on both export and domestic sales, and an increase in our equity-accounted income, mainly from Sishen Iron Ore Company (Pty) Ltd. There was a slight decrease in the weighted average number of shares (WANOS) from 251 million for the year ended 31 December 2020 to 247 million for the year ended 31 December 2021, as a result of shares repurchased and cancelled in terms of the R1.5 billion share repurchase programme. Attributable earnings per share (“AEPS”) for the year ended 31 December 2021 is expected to increase between 70% and 84% compared to the year ended 31 December 2020. The financial results in both periods were influenced by various once-off items. Key once-off items for the year ended 31 December 2021 include a loss on disposal of the Exxaro Coal Central group (R946 million), net gains on the disposal of our Tronox investments (R2 217 million) and net gains on translation differences recycled to profit or loss on liquidation of foreign entities (R482 million). AEPS are also based on WANOS of 247 million for the year ended 31 December 2021 compared to 251 million for the year ended 31 December 2020. EBITDA1 for the year ended 31 December 2021 is expected to increase between 37% and 51% compared to the year ended 31 December 2020, driven mainly by the positive earnings contribution of our coal business and Cennergi’s financial results included for the full twelve months compared to nine months in the previous year. There were no non-core adjustments(2) for the year ended 31 December 2021. The expected ranges are summarised below: - Unit 31 December 31 December 31 December 2021 2020 2021 Reported Expected Expected range earnings earnings HEPS cents 2 955 4 432 – 4 846 50% - 64% increase AEPS cents 2 902 4 933 – 5 340 70% - 84% increase EBITDA1 R million 7 246 9 927 – 10 941 37% - 51% increase Core HEPS3 cents 2 973 4 430 – 4 846 49% - 63% increase Core EBITDA3 R million 7 291 9 915 – 10 936 36% - 50% increase Shareholders are advised that Exxaro will release its reviewed financial results for the year ended 31 December 2021 on 3 March 2022. Further details are available on our website, www.exxaro.com. The forecast financial information on which this trading statement is based has not been reviewed, audited or reported on by Exxaro’s external auditors. This statement is issued in compliance with the JSE Listings Requirements. (1)EBITDA is calculated by adjusting net operating profit before tax with depreciation, amortisation, impairment charges/reversals and net losses or gains on disposal of assets and investments (including translation differences recycled to profit or loss). (2)Non-core items are defined as any major non-recurring transactions identified by management at each reporting period. (3)Core HEPS and core EBITDA for the year ended 31 December 2020 are reported after including the following non-core adjustments: - 31 December 2020 Insurance Losses on share of cash flow claim recovery hedge recycled on deemed disposal of Cennergi JV HEPS Core HEPS Cents 2 955 (6) 24 2 973 EBITDA Core EBITDA R million 7 246 (14) 59 7 291 These are not defined terms under International Financial Reporting Standards (IFRS) and may not be comparable with similarly titled measures reported by other companies. The afore-mentioned adjustments are the responsibility of the directors of Exxaro. The adjustments have been prepared for illustrative purposes only and due to their nature, may not fairly present Exxaro´s financial position, changes in equity, results of operations or cash flows. Editor’s note: Exxaro is one of the largest South African based diversified resources companies, with interests in coal, iron ore and energy. www.exxaro.com Enquiries: Mzila Mthenjane, Executive head: Stakeholder Affairs Tel: + 27 12 307 7393 Mobile: +27 83 417 6375 Email: Mzila.mthenjane@exxaro.com Pretoria 1 March 2022 Lead Equity Sponsor and Debt Sponsor: Absa Bank Limited (acting through its corporate and investment banking division). Joint Equity Sponsor Tamela Holdings Proprietary Limited Date: 01-03-2022 01:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.