OPT - Optimum - Update regarding the Consortium`s Expression of Interest to

OPT - Optimum - Update regarding the Consortium`s Expression of Interest to     
acquire the entire Issued Share Capital of Optimum and Cautionary Announcement  
Optimum Coal Holdings Limited                                                   
(Registration number: 2006/007799/06)                                           
JSE share code: OPT                                                             
ISIN: ZAE000144663                                                              
("Optimum")                                                                     
UPDATE REGARDING THE CONSORTIUM`S EXPRESSION OF INTEREST TO ACQUIRE THE ENTIRE  
ISSUED SHARE CAPITAL OF OPTIMUM AND CAUTIONARY ANNOUNCEMENT                     
Shareholders of Optimum ("Shareholders") are referred to the announcements      
published by Optimum on 17 August 2011, 26 August 2011, 1 September 2011, 9     
September 2011, 13 October 2011 and 16 November 2011 in respect of the          
transactions entered into by a consortium ("the Consortium") comprising of      
Piruto B.V, a wholly-owned subsidiary of Glencore International AG, and Lexshell
849 Investments (Proprietary) Limited, a company wholly-owned by Mr Cyril       
Ramaphosa, to acquire control of Optimum.                                       
The Board of Optimum understands that the Consortium has now received           
conditional approval from the Competition Authorities for the transactions      
already entered into.  Once these transactions have been implemented, and in    
compliance with its obligations under the Companies Act, 71 of 2008, as amended,
and the Takeover Regulations, the Consortium will be obliged to make a mandatory
offer ("the Mandatory Offer") to the remaining Shareholders to acquire their    
shares in Optimum at a price not less than R38 per Optimum share.               
Further developments will be communicated to Shareholders once the Consortium   
has formally informed the Board of its intention to make the Mandatory Offer.   
Shareholders are advised to exercise caution when dealing in Optimum shares     
until a further announcement is made.                                           
www.optimumcoal.com                                                             
19 March 2012                                                                   
Johannesburg                                                                    
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Financial Communications Advisers                                               
COLLEGE HILL                                                                    
Date: 19/03/2012 09:37:12 Supplied by www.sharenet.co.za                     
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