Trading statement AFRICAN OXYGEN LIMITED (Incorporated in the Republic of South Africa) (Registration number 1927/000089/06) JSE code: AFX NSX code: AOX ISIN: ZAE000067120 (“Afrox” or the “Company”) TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied that, with a reasonable degree of certainty, the financial results for the current reporting period will differ by at least 20% from the financial results of the previous corresponding period. Afrox is in the process of finalising their results for the 6 months ended 30 June 2015 (“Results”) and shareholders are accordingly advised that the Company expects to report: - earnings per share to be between 32 cents and 38 cents per share, the aforementioned being 39% and 28% lower than the 52.8 cents per share for the previous corresponding period, respectively; and - headline earnings per share to be between 37 cents and 42 cents per share, the aforementioned being 25% and 15% lower than the 49.5 cents per share for the previous corresponding period, respectively. The decrease in forecast earnings per share is due to one-time costs associated with restructuring activities necessitated by the ongoing weak demand for our products and the required reduction in our fixed cost structure to ensure the sustainability of the Company in the medium to longer term. The main contributors to the reduction in headline earnings are as follows: - a R111 million adjustment to the provision for restructuring costs with further opportunities to restructure having been identified ; and - a write down of R15 million of inventory due to product rationalisation as a result of the restructuring activities. The above information has not been reviewed or reported on by the Company’s auditors. The Company’s Results are expected to be published on or about 27 August 2015. Johannesburg 15 July 2015 Sponsor One Capital Date: 15/07/2015 04:00:00 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.