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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 current 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 559.3 cents and 412.3 cents, being a decrease of between 81.0% and 86.0% as compared to restated basic earnings per share of 2 942.4 cents for the prior comparative period, and headline earnings per share of between 500.6 cents and 463.4 cents, being an increase of between 34.1% and 24.1% as compared to restated headline earnings per share of 373.4 cents for the prior comparative period.

The significant decrease in basic earnings per share is mainly as a result of the prior comparative period fair value adjustment to the carrying value of the group’s investment in Tsogo Sun Holdings Limited prior to it being consolidated in the results of the Company from September 2014. This adjustment did not recur in the current period.

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 19 November 2015.