Trading Statement METMAR LIMITED Incorporated in the Republic of South Africa (Registration number 1998/007269/06) Share code: MML ISIN code: ZAE000078747 (“Metmar” or "the Company") Trading Statement In terms of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty that the financial results of the period to be reported upon will differ by 20% or more from the financial results of the previous corresponding period. Shareholders are advised that the Company’s attributable loss per share for the financial year ended 28 February 2014 is expected to increase to between 65.37 cents and 54.47 cents, while headline loss per share is expected to decline to between 20.51 cents and 17.09 cents. The results of the core trading operations were profitable however these were more than offset by losses for initial costs of sinter tolling project, Impairment of investments and losses in discontinued operations. The range of attributable and headline profit and losses per share for each of these factors are as follows: Attributable earnings / (loss) Headline earnings / (loss) Focus Area Range (cents per share) Range (cents per share) Core trading 19.13 – 22.96 19.13 – 22.96 Manganese sinter tolling project (6.32) – (5.27) (6.32) – (5.27) Discontinued trading operations (11.52) – (9.60) (1.33) – (1.10) Investments (48.10) – (40.09) (10.22) – (8.52) - Management’s decision to refocus its efforts on trading activities is largely responsible for the turnaround in core trading business; - Commissioning delays at the Kalagadi sinter plant resulted in an effective 6 month delay in the start of the manganese sinter tolling project. Production levels are however steadily improving, and our first shipment of manganese sinter will take place early April 2014; - The disposal of West African Group division, which, although generating some R54 million cash for the Company, also resulted in goodwill write-off of some R47 million; and - The completion of the review of our investments portfolio resulted in further impairments/write downs amounting to some R121 million. In spite of the global commodities challenges which are expected to remain in the short term, Metmar will continue focussing its efforts on core trading activities, extracting full value from the manganese sinter tolling project and its investments portfolio, and pursuing further overhead cost reduction to ensure the group is appropriately and sufficiently resourced to achieve its 2014/15 targets. The Company’s auditors have not reported on the financial information on which this trading statement is based. Shareholders are advised that the results for the period ended 28 February 2014 will be released no later than 30 April 2014. 2 April 2014 Bryanston Sponsor Nedbank Capital Date: 02/04/2014 04:30:00 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.