OVERVIEW

AECI'S CHAIRMAN, IN HIS LETTER TO SHAREHOLDERS IN THE 2008 ANNUAL REPORT, NOTED THAT "2009 WILL BE A CHALLENGING YEAR WITH MUCH UNCERTAINTY AND, THEREFORE, THE PRESERVATION OF CASH WILL BE A PRIORITY." THE BOARD REQUESTED THAT AECI'S MANAGEMENT CONCENTRATE ON FOUR KEY AREAS TO STEER THE COMPANY THROUGH THE ECONOMIC CRISIS. STRATEGIES IN THIS REGARD, SUMMARIES ON HOW THEY WERE APPLIED, AND THE RESULTS THEREOF, ARE PROVIDED IN THE INTRODUCTIONS TO CORPORATE GOVERNANCE, THE REVIEW OF OPERATIONS, CORPORATE CITIZENSHIP AND THE ANNUAL FINANCIAL STATEMENTS.

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SHAREHOLDER ANALYSIS

(SOURCE: JP MORGAN)

ANALYSIS OF REGISTERED SHAREHOLDERS AND COMPANY SCHEMES

REGISTERED SHAREHOLDER SPREAD

In accordance with the JSE Listings Requirements, the following table confirms that the spread of registered shareholders as detailed in the annual report and accounts dated 31 December 2009 was:

	Number	% of total	Number	% of
Shareholder spread	of holders	shareholders	of shares	issued capital
1–1 000 shares	2 299	56,28	818 815	0,69
1 001–10 000 shares	1 189	29,11	3 877 039	3,25
10 001–100 000 shares	432	10,57	15 163 940	12,73
100 001–1 000 000 shares	149	3,65	45 985 427	38,60
1 000 001 shares and above	16	0,39	53 290 648	44,73
Total	4 085	100,00	119 135 869	100,00

PUBLIC AND NON-PUBLIC SHAREHOLDINGS

Within the shareholder base, we are able to confirm the split between public shareholdings and directors/Company-related schemes as being:

	Number	% of total	Number	% of
Shareholder spread	of holders	shareholders	of shares	issued capital
Non-public shareholders	5	0,12	11 938 338	10,02
– Treasury shares	1	0,02	11 884 699	9,98
– Own holdings	4	0,10	53 639	0,04
Public shareholders	4 080	99,88	107 197 531	89,98
Total	4 085	100,00	119 135 869	100,00

SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS

SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS ABOVE 3%

Through regular analysis of STRATE registered holdings, and pursuant to the provisions of Section 140A of the Companies Act, No. 61 of 1973, as amended, the following shareholders held directly and indirectly equal to or in excess of 3% of the issued share capital as at 31 December 2009:

	Total
Investment manager	shareholding	%
Coronation Fund Managers	17 140 177	14,39
Public Investment Corporation (PIC)	13 819 246	11,60
Allan Gray Investment Council	13 029 530	10,94
AECI Treasury Holdings (Pty) Limited	11 884 699	9,98
Sanlam Investment Management	8 879 340	7,45
Element Investment Management	8 240 992	6,92
RMB Asset Management	7 262 010	6,10
Old Mutual Investment Group SA	7 261 218	6,09
Total	87 517 212	73,47

Investment management shareholding positions above 3% with 12-month change

	Total
Beneficial shareholdings	shareholding	%
Government Employees Pension Fund (PIC) ¹	20 002 770	16,79
AECI Treasury Holdings (Pty) Limited	11 884 699	9,98
Coronation Special Opportunities Port	5 802 745	4,87
Old Mutual Life Assurance Company Limited	4 925 033	4,13
Sanlam (Insurance)	4 304 476	3,61
Investment Solutions	3 838 169	3,22
Total	50 757 892	42,60

1	In June 2009, Government Employee Pension Fund (GEPF) assets were transferred from the PIC into the name of GEPF.

Beneficial shareholding positions above 3% with 12-month change

PREVIOUSLY DISCLOSED HOLDINGS

	Total
Manager	shareholding	%	Previous %
Investment managers now holding below 3%
Polaris Capital (Pty) Limited (renamed Abax Investments in
January 2010)	1 985 913	1,67	3,79
Rand Merchant Bank	1 460 548	1,23	2,38
Total	3 446 461	2,90	6,17
Beneficial owners now holding below 3%
PIC	–	–	13,77
Total	–	–	13,77

GEOGRAPHIC SPLIT OF SHAREHOLDERS

GEOGRAPHIC SPLIT OF INVESTMENT MANAGERS AND COMPANY-RELATED HOLDINGS

	Total	% of
Region	shareholding	issued capital
South Africa	107 841 610	90,52
United States of America and Canada	3 870 332	3,25
United Kingdom	533 877	0,45
Rest of Europe	741 665	0,62
Rest of the world ¹	6 148 385	5,16
Total	119 135 869	100,00

1	Represents all shareholdings except those in the above regions.

GEOGRAPHIC SPLIT OF BENEFICIAL SHAREHOLDERS

	Total	% of
Region	shareholding	issued capital
South Africa	111 036 101	93,20
United States of America and Canada	3 656 904	3,07
United Kingdom	510 269	0,43
Rest of Europe	1 272 898	1,07
Rest of the world ¹	2 659 697	2,23
Total	119 135 869	100,00

1	Represents all shareholdings except those in the above regions.

SHAREHOLDER CATEGORIES

An analysis of beneficial shareholdings, supported by the Section 140A enquiry process, confirmed the following beneficial shareholder types:

	Total	% of
Category	shareholding	issued capital
Pension funds	44 533 042	37,38
Unit trusts	30 542 374	25,64
Insurance companies	13 488 980	11,32
Corporate holding	11 884 699	9,98
Other managed funds	6 817 308	5,72
Other	5 993 817	5,03
Private investor	3 121 434	2,62
Foreign government	850 858	0,71
Custodians	319 756	0,27
Mutual fund	234 887	0,20
Hedge fund	160 352	0,13
University	158 514	0,13
Trading position	133 553	0,11
Investment trust	42 800	0,04
Charity	37 005	0,03
Remainder	816 490	0,69
Total	119 135 869	100,00

Beneficial shareholders: split by category (%) ¹

1	Includes categories above 2% only.

ANALYSIS OF INVESTMENT STYLES

Analysis into institutional attributes broadly indicates the following split of investment approach within the shareholder base:

Analysis of investment styles (%) ¹

1	Includes categories above 1% only.