Financial effects of the Muhunga acquisition and withdrawal of the cautionary announcement Wescoal Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2005/006913/06) JSE Share Code: WSL ISIN: ZAE000069639 (“Wescoal” or “the company”) FINANCIAL EFFECTS OF THE MUHANGA ACQUISITION AND WITHDRAWAL OF THE CAUTIONARY ANNOUNCEMENT 1) Introduction Shareholders are referred to the SENS announcements dated 24 June 2014 regarding the Muhanga acquisition. 2) Financial effects Below are the financial effects of the Muhanga acquisition. The pro forma financial effects of the Muhanga acquisition on Wescoal shareholders set out below are based on the reviewed results of Wescoal for the year ended 31 March 2014. The pro forma financial effects are the responsibility of the board of directors of Wescoal and have been prepared for illustrative purposes only and because of their pro forma nature may not fairly present Wescoal’s financial position or results of operations after the Muhanga acquisition. The directors of Wescoal are responsible for the preparation of the pro forma financial effects. Wescoal pro forma Wescoal after the “before” Muhanga reviewed acquisition results for the for the year year ended 31 ended 31 March 2014 March 2014 % change Earnings per share (cents) 41.0 40.1 (2.2) Diluted earnings per share (cents) 40.2 39.3 (2.2) Headline earnings per share (cents) 15.7 14.8 (5.7) Diluted headline earnings per share6 15.4 14.5 (5.8) Net asset value per share (cents) 147.87 147.81 - Tangible net asset value per share (cents) 87.41 87.41 - Weighted average number of shares in issue (‘000) 170 067 170 067 Diluted Weighted average number of shares in issue (‘000) 173 484 173 484 Total shares in issue (‘000) 184 771 184 771 Notes: 1. The “Wescoal Before” column has been extracted without adjustment from the published reviewed results of Wescoal Holdings Limited for the year ended 31 March 2014. 2. For the purpose of calculating the earnings and headline earnings per share, it is assumed that the Muhanga acquisition was implemented on 1 April 2013 and for the purpose of calculating the net asset value and the net tangible asset value per share, it is assumed that the Muhanga acquisition was implemented on 31 March 2014. 3. The “After the acquisition” net asset value per share and net tangible asset value per share includes the asset acquired of R42.5 million and the cash payment of R42.5 million. 4. The “After the acquisition” earnings and headline earnings per share includes the after tax reduction in interest earned calculated at an interest rate of 5%. 3) Withdrawal of cautionary announcement Shareholders are advised that caution is no longer required to be exercised by shareholders when dealing in Wescoal’s securities. Corporate adviser & Sponsor to Wescoal Legal Adviser to Wescoal Exchange Sponsors KWA Attorneys 7 July 2014 Johannesburg Date: 07/07/2014 11:40:00 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.