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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 year ended 31 March 2016, the Company will report basic earnings per share of between 1 169.8 cents and 833.6 cents, being a decrease of between 65.2% and 75.2% as compared to restated basic earnings per share of 3 361.6 cents for the prior year, and headline earnings per share of between
1 050.0 cents and 955.4 cents, being an increase of between 11.0% and 1.0% as compared to restated headline earnings per share of 946.0 cents for the prior year.

The significant decrease in basic earnings per share is mainly as a result of the prior year 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 year.

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 25 May 2016.

Cape Town
23 May 2016