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MINERAL RESOURCES AND ORE RESERVES REPORT

2014 MINERAL RESOURCES AND ORE RESERVES REPORT MINERAL Resource & Reserve REPORT 2014 Page 2 of 79 TABLE OF CONTENTS TABLE OF CONTENTS .. 2 TABLE OF FIGURES .. 4 LIST OF TABLES .. 5 LIST OF GRAPHS .. 5 1. INTRODUCTION .. 6 2. ATTRIBUTABLE REPORTING .. 6 MINERAL assets 100% attributable to Exxaro RESOURCES .. 7 MINERAL Assets not 100% attributable to Exxaro .. 7 3. GOVERNANCE ..12 4. COMPETENT PERSONS ..13 5. MINERAL RIGHTS AND SECURITY OF TENURE ..18 6. RISK, LIABILITY AND ASSURANCE ..19 7. GROUP SUMMARY OF RESOURCE AND RESERVE ESTIMATES ..21 8. ATTRIBUTABLE RESOURCES AND YEAR-ON-YEAR MODIFICATIONS.

Mineral Resource & Reserve Report 2014 Page 5 of 79 List of tables Table 1: Shareholding of reported coal resources and reserves ..... 9

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