TRP ruling in respect of the waiver of the mandatory offer Wescoal Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2005/006913/06) Share Code: WSL ISIN: ZAE000069639 (“Wescoal” or the “Company”) TRP RULING IN RESPECT OF THE WAIVER OF THE MANDATORY OFFER Unless defined in this announcement or if the context dictates otherwise, capitalised terms used in this announcement have the same meanings as given in the circular to Shareholders dated 25 October 2016 detailing the terms of the proposed black economic empowerment transaction. Shareholders are referred to the announcements published by the Company on SENS dated 29 September 2016, 25 October 2016 and 23 November 2016 in relation to the Transaction. Shareholders are hereby advised that the TRP has approved the Company’s application to waive the Mandatory Offer (“Ruling”). In accordance with the TRP guidelines, Shareholders may request the Takover Special Committee to review the Ruling within 5 Business Days of the publication of this announcement on SENS. After expiry of the aforesaid 5 Business Days, in the absence of any request to review the Ruling, the TRP proceedings relating to the Waiver will be regarded as fully completed. By order of the Board of Directors of Wescoal Johannesburg 28 November 2016 Investment Bank, Corporate Advisor and Sponsor Nedbank Corporate and Investment Banking Date: 28/11/2016 02:30:00 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.