Trading Statement

In terms of section 3.4 (b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the period to be reported upon next (“the Reporting Period”) will be more than 20% different than that of the previous corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that for the six months ended 30 September 2015, the Company will report basic earnings per share of between 1.92 cents and 1.72 cents, being an increase of between 35% and 21% respectively, and headline earnings per share of between 1.89 cents and 1.59 cents, being an increase of between 42% and 20% respectively, as opposed to basic earnings per share of 1.42 cents and headline earnings per share of 1.33 cents for the previous corresponding period.

The increase in basic earnings per share and headline earnings per share is mainly due to the favourable revaluation of the share based payment liability on the swap transaction in respect of the Company increasing its stake in Sabido Investments (Pty) Ltd to 67.7%. The realization of the share based payment liability is due to options being exercised or cancelled.

The above information has not been reviewed or reported on by the Company’s auditors. The Company’s results are expected to be published on or about 18 November 2015.


Johannesburg

11 November 2015

Sponsor: Investec Bank Limited