BASIL READ HOLDINGS LIMITED - Basil Reads Termination of Gast Contract

Basil Read’s Termination of Gast Contract

Basil Read Holdings Limited
(Incorporated in the Republic of South Africa)
Registration Number 1984/007758/06
Share Code: BSR ISIN: ZAE000029781
("Basil Read" or "the Company")

BASIL READ’S TERMINATION OF GAST CONTRACT

Basil Read, the JSE-listed construction and engineering group, refers to
this week’s media reports regarding its termination of Thusanang Gast as
sub-contractor to Basil Read for certain sub-contract works at Medupi Power
Station.

The termination was brought about through ongoing non-performance on the
part of Thusanang Gast, who has already been replaced by another sub-
contractor, who is performing well in their stead. Thusanang Gast is
disputing the basis of its termination under the contract, as is its right.
The dispute will be resolved by way of arbitration in due course.

Donny Gouveia, deputy chief executive officer of Basil Read, said, “It is
unfortunate, however, that Mr Gast has chosen to publicise the dispute,
presumably in the hope of causing public embarrassment for Basil Read and
to derive some degree of commercial advantage in so doing. His conduct is,
however, in direct breach of the implicit confidentiality provisions
contained in the parties’ collective submission to arbitration. Basil Read
intends taking steps to address Mr Gast’s conduct in this regard.”

Johannesburg
21 June 2013

JSE Sponsor
Macquarie First South Capital (Pty) Limited


Enquiries

Basil Read
Marius Heyns        Tel: +27 11 418 6570
Donny Gouveia       Tel: +27 11 418 6357
                    Mobile: +27 82 336 5827

College Hill
Amelia Soares       Tel (011) 447 3030

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