Trading statement WESCOAL HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 2005/006913/06) Share code: WSL ISIN: ZAE000069639 (“Wescoal” or “the Company”) Trading Statement Shareholders are advised that Wescoal’s reviewed results for the six months ended 30 September 2017 are expected to be published on or about 21 November 2017. On a normalised basis, earnings from the Company are expected to be between 27.2 and 29.2 cents per share. The normalisation is based upon an increase in the number of issued shares and specific non-recurring costs relating to the acquisition of Keaton. The number of issued Wescoal shares increased to 449 million (2016: 237 million) in two specific transactions – raising capital through a BEE transaction and issuing shares to part fund the acquisition of Keaton Energy Holdings (“Keaton”). Shareholders are advised that the Company expects, with reasonable certainty, that Headline Earnings Per Share (“HEPS”) and Earnings Per Share (“EPS”) are to vary by the amounts set out in the table below: 30 September 2017 30 September 2016 30 September 2017 (expected range) (cents per share) (expected range as a (cents per share) percentage) Headline Earnings Per Share 19.5 to 20.5 27.8 -26.3% to -29.9% (“HEPS”) Earnings Per Share 22.0 to 23.0 27.6 -16.7% to -20.3% (“EPS”) Normalised Earnings Per 27.2 to 29.2 Not applicable Share The interim results presentation will be webcast on Tuesday 21st November 2017 at 11:00am at http://www.corpcam.com/Wescoal21112017. The financial information on which this trading statement is based has not been reviewed or reported on by Wescoal’s auditors. This trading statement is issued in terms of the JSE Limited’s Listings Requirements. 16 November 2017 Sponsor Nedbank Corporate and Investment Banking IR Advisor Singular IR Date: 16/11/2017 05:05:00 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.