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AFE AFEP AECI03 AECI04 AECI01 AECI02
Trading statement

AECI LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1924/002590/06)
Tax reference number: 9000008608
Share code: AFE
ISIN: ZAE000000220
Share code: AFEP
ISIN: ZAE000000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
("AECI" or "the Company" or "the Group")

TRADING STATEMENT

In compliance with the JSE Limited Listings Requirements, shareholders and bondholders are advised
that for the financial year ended 31 December 2019 (the period) AECIs earnings per share (EPS)
is expected to be between 1 173 cents and 1 266 cents, that is between 25% and 35% higher than
the 938 cents reported for the financial year ended 31 December 2018 (the prior corresponding
period).

The expected increase in EPS is due mainly to the following:
   -   receipt of the proceeds from the sale of the Groups 50% shareholding in Crest Chemicals
       Proprietary Limited to its joint venture partner, Brenntag (Holding) BV (158c impact); and
   -   receipt of the proceeds from the sale of a property in the second half of the year (50c impact).

Neither of the above transactions are included in the calculation for headline earnings per share
(HEPS).

HEPS is expected to be between 1 118 cents and 1 170 cents, that is between 7% and 12% higher
than the 1 045 cents reported for the prior corresponding period.

AECI is currently finalising its results for the period and it is expected that these will be released on
the Stock Exchange News Service on or about Tuesday, 25 February 2020.

The financial information on which this trading statement is based has not been reviewed or audited
by the Companys external auditor. The information provided does not contain, and should not be
construed as containing, any forward-looking statements or projections of any nature for the financial
year ended 31 December 2019.

Woodmead, Sandton
14 February 2020

Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14-02-2020 02:55:00
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