EXX - Voluntary announcement regarding Tronox's repurchase of 14.0 million of Exxaro's Tronox shares EXXARO RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 2000/011076/06) JSE share code: EXX ISIN: ZAE0000849921 ADR code: EXXAY (“Exxaro” or “the Company”) Voluntary announcement regarding Tronox's repurchase of 14.0 million of Exxaro's Tronox shares Further to Exxaro's announcement on 27 November 2018 regarding its stake in New York Stock Exchange listed Tronox Holdings plc (formerly Tronox Limited) (“Tronox”), shareholders are referred to a Tronox press release dated 9 May 2019. Exxaro confirms that Tronox has repurchased 14.0 million of the Tronox shares owned by Exxaro at a market-related price of US$14.32 per share, for a total consideration of approximately US$200 million in cash (or approximately ZAR2.9bn on 9 May 2019). The purchase price per share was based upon a 5% discount to the 10- day volume weighted average price as of the day that Exxaro exercised its sale notice to Tronox, determined in accordance with the terms of the Mineral Sands Transaction Completion Agreement announced on 26 November 2018. Consequently, Exxaro's holding in Tronox has been reduced to approximately 14.7 million shares, representing 9.9% of Tronox's total outstanding shares. Tronox's repurchase of such shares was approved at the Exxaro General Meeting of shareholders on 24 May 2018. The proposed transaction and potential subsequent disposals are in line with Exxaro’s stated strategy to monetise its stake over time in Tronox in the best possible manner taking into account prevailing market conditions. The funds from the proposed disposal of Tronox shares will be used to focus on core activities, fund capital commitments, repay debt and make distributions to shareholders in accordance with Exxaro’s capital allocation framework. As a consequence of Exxaro's ownership falling below 10%, in accordance with Exxaro's shareholder agreement with Tronox, Exxaro's nominee to the Tronox board, Exxaro CEO Mxolisi Mgojo, has resigned from the Tronox board. Pretoria 9 May 2019 Financial adviser to Exxaro J.P. Morgan Legal advisers to Exxaro Orrick, Herrington & Sutcliffe (UK) LLP Norton Rose Fulbright South Africa Incorporated Sponsor to Exxaro Absa Corporate and Investment bank, a division of Absa Bank Limited Date: 09/05/2019 02:55:00 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.