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Release Date: 20/07/2012 16:44:00      Code(s): AFE
Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE     ISIN No. ZAE000000238
(?AECI? or ?the Company?)


In compliance with the JSE Listings Requirements and following the
guidance provided to the market in the SENS announcement dated 1
June 2012, shareholders are advised that, for the six months to 30
June 2012 (?the period?), AECI?s headline earnings per share
(?HEPS?) are expected to be between 57% and 62% lower than those
achieved for the first half of 2011 (?corresponding period?).
Earnings per share (?EPS?) are expected to be between 54% and 59%
lower than that of the corresponding period.

AECI?s B-BBEE transactions effected during the period resulted in
HEPS and EPS being reduced by the recognition of IFRS 2 share-
based payment expenses of R148 million. The calculation of HEPS
excluding the effects of these B-BBEE transactions is expected to
be between 7% and 12% lower than that of the corresponding period,
mainly due to the following:

- Mining and manufacturing production have remained volatile in a
demanding global operating environment, with mining in South
Africa experiencing a number of disruptions.

- AEL Mining Services has experienced some raw material and
production difficulties at its nitric acid plants in Modderfontein
and has also not met the production targets set for its ISAP
plant. Although the business has responded appropriately, it
expects that operating profit will be about 9% lower than that
achieved in the corresponding period.

The forecast financial information on which this trading statement
is based has not been reviewed and reported on by the Company?s
external auditors.

Woodmead, Sandton
20 July 2012

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 20/07/2012 04:44:00 Supplied by www.sharenet.co.za                     
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