Chapter 19: Annexures (unaudited)

Annexure 1: Shareholder analysis

1.1 Exxaro public and non-public shareholding 2025

Shareholder type	Number of shareholders	% of total shareholders	Number of shares	% of issued share capital

Non-public shareholders	12	0.042	108 202 887	31.64
Eyesizwe	1	0.003	107 612 026	31.47
Kumba Management Share Trust	1	0.003	158 218	0.05
Directors
– PA Koppeschaar1	1	0.003	114 509	0.03
– B Magara1	1	0.003	12 345	0.00
Prescribed officers1	5	0.020	232 996	0.07
Subsidiary directors1	2	0.007	68 553	0.02
Share option scheme trustees1	1	0.003	4 240	0.00
Public shareholders	29 458	99.958	233 710 787	68.36
Total	29 470	100.000	341 913 674	100.00
1 Includes direct and DBP shareholding.

1.2 Registered shareholder spread

In accordance with the Listings Requirements, the following table confirms the spread of registered shareholders at 31 December 2025:

Shareholder spread	Number of shareholders	% of total shareholders	Number of shares	% of issued share capital

1 to 1 000 shares	26 079	88.49	3 461 454	1.01
1 001 to 10 000 shares	2 310	7.84	8 666 842	2.54
10 001 to 100 000 shares	818	2.78	23 503 116	6.87
100 001 to 1 000 000 shares	227	0.77	68 431 731	20.02
1 000 001 shares and above	36	0.12	237 850 531	69.56
Total	29 470	100.00	341 913 674	100.00

1.3 Substantial investment management and beneficial interests above 5%

Through regular analysis of Strate registered holdings, and pursuant to the provisions of section 56 of the Companies Act, the following shareholders held 5% or more (directly and indirectly) of the issued share capital as at 31 December 2025:

Shareholder spread	Number of shares	% of issued share capital

Investment management shareholdings
Eyesizwe	107 612 026	31.47
Public Investment Corporation (PIC)	34 820 829	10.18
Allan Gray Proprietary Limited	31 064 539	9.09
M&G Investment Managers Proprietary Limited	30 322 030	8.87
Total	203 819 424	59.61
Beneficial shareholdings
Eyesizwe	107 612 026	31.47
Government Employees Pension Fund	46 218 840	13.52
Total	153 830 866	44.99