Anda Mwanda
Manager of Investor Relations

Good morning, ladies and gentlemen. If we can start settling down, and thank you. Good morning, again, ladies and gentlemen, and welcome to Exxaro’s 2026 Capital Markets Day. And thank you for joining us today, both in person and online. To all our shareholders, the investment community, business partners, our colleagues, we welcome you.

My name is Anda Mwanda, the Manager of Investor Relations at Exxaro, and I have the privilege of facilitating this session today. But before we begin, there’s just a brief safety announcement that we would like to make.

Please note that we have not planned any emergency drill for today. If the alarm is activated, please remain calm and wait for the Exxaro floor marshals wearing red reflective vests to lead you to the assembly point. It’s in front of the building at the parking area where the roll call will be conducted.

We will all remain at the assembly point until instructions are issued to reenter the building by an Exxaro safety official. If you feel unwell at any time, please inform your host, who will escort you to the on-site clinic for medical assistance. In the event of this situation, please note

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Some big ideas start in boardrooms. Others begin in the middle of difficult circumstances.

For Crystal Lundberg, one of the biggest ideas that shaped her life was simple: your past does not have to determine your future.

Today, Lundberg works as an Office Manager and Marketing Coordinator while continuing her education in Business Management and Digital Marketing. She has built a career around helping businesses become more organized, more efficient, and more effective in how they present themselves. But her journey started far from the business world she works in today.

Growing up in Rockford, Illinois, Lundberg faced challenges that could have easily limited her future. Instead, they helped shape the mindset that now drives her career and personal growth.

“I define success as growth, resilience, and the ability to create a meaningful life despite adversity,” Lundberg says. “Success is not only measured by accomplishments, but by the person you become throughout the journey.”

How Crystal Lundberg Turned Adversity Into Opportunity

Lundberg spent much of her childhood navigating instability. Her mother struggled with mental health challenges and addiction, leading to years spent in and out of foster care.

There were periods when consistency and structure felt impossible to find.

Yet one experience changed everything.

Around the age of eight, Lundberg was welcomed into the home of a family who cared deeply about her. They were not paid to take her in. They simply chose to help.

For the first time, she experienced a stable home environment.

“They showed me what love truly looked like,” Lundberg says. “For the first time in my life, I experienced stability, warmth, and unconditional love.”

The family attended church together, traveled during summers, and spent time at their cabin in Wisconsin. Those experiences gave her something she had never seen before: a clear vision of what a healthy and successful life could look like.

That vision became one of the first big ideas that would shape her future.

Why Education Became Crystal Lundberg’s Turning Point

Many people see education as a requirement. Lundberg saw it as a path forward.

Growing up, college did not always feel like a realistic goal. But she refused to let her circumstances define what was possible.

Instead, she committed herself to learning, improving, and creating opportunities through education.

She earned an Associate’s Degree in Business Management Administration in 2025 and completed esthetics training through Aveda. She is currently pursuing a bachelor’s degree focused on Business Management, Marketing, and Digital Marketing while also earning credits toward a master’s degree.

“Education became more than a goal for me,” Lundberg says. “It became a way to transform my future.”

Her academic journey represents more than degrees and coursework. It reflects a willingness to invest in long-term growth even when the path is challenging.

What Big Ideas Have Shaped Crystal Lundberg’s Career?

One theme appears consistently throughout Lundberg’s career: building systems that help people and organizations succeed.

In her current role, she helps manage operations, marketing initiatives, branding efforts, websites, administrative systems, and business development projects.

While many people focus only on creative ideas, Lundberg enjoys bringing structure to those ideas so they can become reality.

“I naturally thrive in environments where I can combine business strategy with creativity and innovation,” she says.

That combination has become one of her strengths.

Marketing requires creativity. Operations require organization. Business development requires vision. Lundberg enjoys working at the intersection of all three.

Her work reflects a belief that success is often created through small improvements made consistently over time.

“I believe consistency is more important than perfection,” she says.

That philosophy has influenced how she approaches projects, goals, and professional development.

What Skills Matter Most in Business and Marketing?

As someone working in both management and marketing, Lundberg believes adaptability has become one of the most important skills in today’s business environment.

The digital world changes quickly. Consumer behavior changes. Technology changes.

People who continue learning are often best positioned to grow.

“Marketing is constantly evolving, especially in the digital space, so being willing to learn and grow is essential,” Lundberg says.

She also believes strong branding goes beyond visuals and messaging.

“Creativity is equally important because strong branding and marketing require the ability to connect with people emotionally and strategically.”

Along with creativity, she points to leadership, communication, integrity, and professionalism as qualities that help create long-term success.

The Mindset Behind Crystal Lundberg’s Success

One reason Lundberg’s story resonates is because it is ultimately about transformation.

Rather than allowing difficult circumstances to become permanent limitations, she used them as motivation to keep moving forward.

Her approach to goals reflects that mindset.

“I start by identifying long-term goals and then break them down into smaller, achievable short-term steps,” she says.

When challenges appear, she focuses on perspective rather than fear.

“In moments of self-doubt, I remind myself how far I have already come and everything I have overcome.”

Today, Lundberg continues building her career while pursuing higher education and exploring new opportunities in business development, branding, marketing strategy, and entrepreneurship.

Her story is not about overnight success. It is about the power of a simple idea pursued consistently over time: that growth is possible regardless of where someone begins.

“I believe growth should never stop,” Lundberg says. “I am always striving to become a better version of myself.”

For Crystal Lundberg, that idea has not only shaped her life. It continues to shape the career she is building today.

In today’s business environment, cybersecurity often dominates conversations about risk management. Companies invest heavily in firewalls, encryption, and digital monitoring systems to protect sensitive information and maintain operational continuity. While these measures are essential, physical security remains equally important.

Businesses continue to rely on offices, warehouses, retail premises, storage facilities, and operational sites that require effective protection against unauthorized access, theft, and vandalism. Regardless of how advanced digital security becomes, physical vulnerabilities can still create significant financial and operational risks.

As organizations seek to build comprehensive security strategies, understanding the role of traditional access control solutions remains highly relevant. Simple yet effective security measures continue to provide valuable protection across a wide range of industries.

Why Physical Security Is Essential for Modern Businesses

Every business owns physical assets that require protection.

These assets may include:

• Inventory
• Equipment
• Company vehicles
• Confidential documents
• IT infrastructure
• Tools and machinery

Unauthorized access to these assets can result in financial losses, operational disruption, and reputational damage.

Physical security serves as the first line of defense by helping businesses control who can enter specific locations and access valuable resources.

While technology has introduced sophisticated electronic security systems, many organizations still depend on reliable mechanical security solutions as part of a broader protection strategy.

What Are the Most Common Physical Security Risks?

Businesses face a variety of security challenges depending on their industry and operating environment.

Common risks include:

Theft

Theft remains one of the most significant concerns for businesses of all sizes.

Unauthorized Access

Restricted areas may contain sensitive information, hazardous materials, or valuable equipment.

Vandalism

Property damage can lead to repair costs and business interruption.

Internal Security Issues

Not all security incidents originate externally. Controlling access within a facility can be equally important.

Asset Mismanagement

Without proper access control measures, businesses may struggle to monitor and protect valuable resources.

Addressing these risks requires a combination of policies, employee awareness, and appropriate security hardware.

Why Layered Security Delivers Better Protection

Security professionals often recommend a layered approach to protection.

Rather than relying on a single measure, businesses benefit from multiple safeguards working together.

A layered strategy may include:

Each layer contributes to overall risk reduction and strengthens the organization’s security posture.

How Access Control Supports Business Operations

Access control is not only about preventing unauthorized entry.

It also helps businesses:

• Organize workflows
• Protect sensitive information
• Manage employee access
• Improve accountability
• Reduce operational risks

By limiting access to designated personnel, organizations can better protect assets while maintaining efficient daily operations.

This principle applies equally to large corporate facilities and small independent businesses.

The Continued Relevance of Mechanical Security

Modern security systems often incorporate digital technologies such as biometric scanners, smart locks, and remote monitoring platforms.

Despite these innovations, traditional mechanical security solutions remain widely used because they offer several advantages:

Reliability

Mechanical systems do not depend on power supplies or network connectivity.

Simplicity

They are easy to operate and require minimal technical knowledge.

Cost-Effectiveness

Many businesses find them economical for protecting specific assets and locations.

Durability

High-quality security hardware can provide years of dependable service.

These characteristics make mechanical solutions valuable components of broader security strategies.

Why Security Hardware Quality Matters

Not all security products provide the same level of protection.

Inferior hardware may be vulnerable to:

• Corrosion
• Wear and tear
• Tampering
• Environmental damage
• Premature failure

Selecting quality products helps businesses reduce maintenance requirements and improve long-term security performance.

When evaluating security hardware, factors such as construction materials, durability ratings, and intended applications should all be considered.

Protecting Assets in Multiple Environments

Different business environments present unique security requirements.

For example:

Warehouses

Inventory protection is often a primary concern.

Construction Sites

Equipment and tools may require temporary but reliable security solutions.

Retail Stores

Storage areas frequently contain valuable merchandise.

Offices

Sensitive records and technology assets must remain protected.

Educational Facilities

Restricted access helps safeguard students, staff, and resources.

A flexible approach to physical security allows organizations to address these varying requirements effectively.

Why Padlocks Remain Widely Used

Among the most recognizable security devices, Padlocks continue to play an important role across numerous industries.

Their popularity stems from several advantages:

• Portability
• Versatility
• Ease of installation
• Cost-effectiveness
• Broad application range

They are commonly used to secure:

• Gates
• Storage units
• Lockers
• Toolboxes
• Cabinets
• Equipment enclosures

Because they can be deployed in both temporary and permanent situations, they remain a practical solution for businesses seeking straightforward access control.

Modern designs offer enhanced durability and resistance to tampering, making them suitable for increasingly demanding environments.

Understanding the Importance of Key Management

Managing physical keys can become challenging as organizations grow.

Issues may include:

• Lost keys
• Unauthorized duplication
• Staff turnover
• Access tracking difficulties

To address these concerns, businesses often implement structured key management programs that establish clear responsibilities and procedures.

Effective key management supports security while helping organizations maintain operational efficiency.

When Are Combination Padlocks the Right Choice?

Some environments benefit from eliminating physical keys altogether.

Combination Padlocks provide an alternative access solution that allows users to unlock security devices using a numerical code.

Advantages may include:

• No keys to lose
• Simplified access management
• Reduced replacement costs
• Convenient multi-user access

These features make them particularly useful in situations where multiple authorized users require access to the same secured area.

However, businesses should establish procedures for code management and regular updates to maintain security effectiveness.

Security and Employee Accountability

Physical security measures can also encourage accountability within the workplace.

Clearly defined access controls help:

• Establish responsibility
• Reduce unauthorized usage
• Improve asset tracking
• Support incident investigations

Employees who understand access procedures are more likely to follow established security protocols, contributing to a stronger overall security culture.

Supporting Compliance and Risk Management

Many industries operate under regulatory requirements related to security, safety, and asset protection.

Physical security measures often contribute to compliance efforts by helping organizations:

• Protect confidential information
• Secure hazardous materials
• Safeguard valuable equipment
• Demonstrate risk management practices

Compliance should not be viewed solely as a legal obligation. Strong security practices also support business continuity and stakeholder confidence.

Choosing the Right Security Partner

Selecting appropriate security hardware requires careful consideration.

Businesses should evaluate suppliers based on:

Product Quality

Reliable products contribute to long-term protection.

Industry Expertise

Knowledgeable suppliers can recommend suitable solutions for specific applications.

Product Range

Comprehensive inventories simplify procurement processes.

Customer Support

Ongoing assistance can improve purchasing decisions and implementation outcomes.

Working with experienced suppliers often helps organizations develop more effective security strategies.

Supporting Business Security Through Specialist Expertise

Security requirements vary significantly across industries, making expert guidance increasingly valuable.

Locks Direct has built a strong reputation for supplying a wide range of physical security products designed to support residential, commercial, and industrial applications. By offering specialist expertise alongside extensive product availability, the company helps customers identify solutions tailored to their specific security challenges.

As security threats continue evolving, access to knowledgeable suppliers remains an important component of effective risk management.

The Future of Physical Security

Although digital security technologies continue advancing, physical protection will remain a fundamental requirement for businesses.

Future trends are likely to include:

• Greater integration between physical and digital systems
• Smart access management technologies
• Enhanced monitoring capabilities
• Improved security analytics
• Stronger emphasis on layered protection strategies

However, traditional mechanical security devices will likely continue playing an important role because of their reliability, simplicity, and versatility.

Conclusion

Effective business security requires a balanced approach that addresses both digital and physical risks. While technology continues transforming how organizations protect their assets, fundamental security principles remain unchanged.

Solutions such as Padlocks and Combination Padlocks continue providing practical, dependable protection across a wide range of industries and applications. When incorporated into a broader security strategy, these simple yet effective tools help businesses reduce risk, improve accountability, and protect valuable assets.

As organizations navigate an increasingly complex threat landscape, investing in quality physical security measures remains an essential part of long-term business resilience.

Coca-Cola and the IRS are heading to court with $20 billion on the line amid a years-long dispute over the beverage company’s reporting of profits made in the U.S. and overseas.

The soda giant is taking its case to a federal appeals court in Miami as it looks to resolve a tax liability stemming from how Coca-Cola and its foreign subsidiaries disclosed profits from 2007 to 2009 using an accounting practice known as transfer pricing.

The case centers on an agreement between the company and the IRS from 1996 about how the company would report foreign profits, as Coca-Cola’s U.S. corporation licenses its intellectual property – ranging from recipes, brand names and trademarks – to foreign subsidiaries that manufacture concentrates used to make its beverages for foreign markets.

Coca-Cola argues that it structured its operations to comply with the 1996 agreement using a “10-50-50” method that lets foreign suppliers keep 10% of the gross sales, with the U.S. parent company and foreign subsidiary splitting the remaining profits.

COCA-COLA SHUTTING DOWN CALIFORNIA FACILITY AFTER MORE THAN A CENTURY

Coca-Cola argues the IRS backtracked on an agreement it reached with the company in 1996. (Rachel Wolf/Fox News Digital)

“Far from seeking to evade its tax obligations, Coca-Cola carefully structured its operations to adhere to a method that the IRS had repeatedly blessed,” the company said in a court filing, per The Wall Street Journal.

The outlet reported that the IRS counters that the 1996 agreement was retroactive to 1987 but didn’t apply to future years, and that it only offered protection from penalties for the use of the 10-50-50 method as opposed to immunity. 

The IRS said in its own filing that the “combination of two non-promises does not add up to a promise, as Coca-Cola wishes.”

COCA-COLA’S YELLOW CAPS ARE BACK – WHAT THEY MEAN AND WHY THEY’RE COMPARED TO MEXICAN COKE

While the company’s tax filings from 2007 to 2009 were the focus of the IRS’ initial case, Coca-Cola has continued to use the accounting method as the legal dispute has played out.

The IRS prevailed over Coca-Cola in a Tax Court ruling in 2020, which resulted in the company paying $6 billion in taxes and interest as the judge ruled the parent company’s deals with foreign subsidiaries were structured improperly to keep profits overseas in lower tax jurisdictions.

COCA-COLA OFFICIALLY ROLLS OUT CANE SUGAR SODA ACROSS US MARKETS FOLLOWING TRUMP’S URGING: REPORT

The IRS argues Coca-Cola’s international accounting practices were flawed and not approved. (Kayla Bartkowski/Getty Images)

That money could go back to Coca-Cola with interest if the company prevails with its appeal, though it could face an even larger tax bill if it’s defeated in court due to the ongoing use of the tool.

Coca-Cola would owe an estimated $14 billion in taxes and interest for the 2010 through 2025 tax years, bringing the total to $20 billion if it loses its appeal against the IRS.

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The Journal noted that the potential $14 billion liability could cause Coca-Cola to borrow to pay the IRS, as the amount exceeds the cash it has on hand – though analysts have said the company is emphasizing it has the needed liquidity to cover the bill and maintain its dividend for investors.

Coca-Cola declined to comment. FOX Business reached out to the IRS for comment.