SABVEST LIMITED - Trading statement and update to Sabvest shareholders

Trading statement and update to Sabvest shareholders

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/003753/06
ISIN: ZAE000006417 Ordinary shares
ISIN: ZAE000012043 N Ordinary shares
(“Sabvest” or “the Company”)

TRADING STATEMENT AND UPDATE TO SABVEST SHAREHOLDERS

Trading Statement
Shareholders are advised that the financial results of Sabvest for the twelve months
ending 31 December 2017 are expected to be as follows:

                           Expected 12 months     Expected 12 months     Audited 12 months
                               to 31 December         to 31 December        to 31 December
                                         2017                   2017                  2016

                                   % increase                  cents                 cents

 Net asset value per                  +35,2%                   5 040                 3 728
 share

 Headline earnings per                 >100%                   1 498                 119,7
 share

 Earnings per share                    >100%                   1 498                 119,7

Sabvest will publish a further trading statement with expected ranges for each metric after
the year-end once the expected results can be calculated relative to the year-end
exchange rates and valuations.

The forecast financial information contained in this trading statement has not been
reviewed and reported on by Sabvest’s external auditors. The Company’s audited
financial results for the year ending 31 December 2017 are expected to be released on
the Stock Exchange News Service (“SENS”) towards the end of February 2018.

Update to Sabvest shareholders
The expected increases arise primarily as a result of positive fair value adjustments
pursuant to the disposals by SA Bias Industries (Pty) Limited, Sabvest’s largest investee
company, of its International Trimmings and Labels (“ITL”) divisions for a cash
consideration of approximately $186,9m (R2,3bn at current prevailing exchange rates),
being R165m ($13,4m) for ITL South Africa (Pty) Limited and $173,5m (R2,1bn) for the
ITL International division, to a consortium of investors led by Mr Peter Gain. The effective
date of the disposals is 31 December 2017.

Sabvest has undertaken to invest directly in the new ITL group and a separate
announcement in this regard has been released on SENS by Sabvest today, providing
information to shareholders in terms of the JSE Limited Listings Requirements.

Sandton
2 January 2018

Financial adviser and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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