EQUITES PROPERTY FUND LIMITED - Trading statement

Trading statement

EQUITES PROPERTY FUND LIMITED
(formerly VB Transport (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
JSE share code: EQU
ISIN: ZAE000188843
(Approved as a REIT by the JSE)
(“Equites”)


TRADING STATEMENT


In terms of the JSE Listings Requirements, companies are required to publish a trading statement as soon as they are
satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will
differ by at least 20% from the forecast previously provided to the market.

Accordingly, shareholders are advised that Equites’ earnings per share (“EPS”) for the year ended
28 February 2015 will be between 195 cents per share and 207 cents per share, being between 135% and 150% higher
than the EPS forecast published in Equites’ pre-listing statement issued on 6 June 2014. This is predominantly as a
result of fair value gains on investment properties, which were assumed to be nil in the forecast. Headline earnings per
share (“HEPS”) for the year ended 28 February 2015 are not expected to differ by more than 20% from the HEPS
forecast published in the pre-listing statement.

Given that Equites is a REIT the directors are of the view that distribution per share is the more relevant measurement
for financial results. Accordingly in terms of paragraph 3.4(b)(vi) of the JSE Listings Requirements, Equites will be
adopting distribution per share as its financial results measurement for trading statement purposes, for reporting
periods ending 31 August 2015 and thereafter.

Equites’ distribution per share to the post-listing shareholders will be determined with reference to the results for the 9
months ended 28 February 2015 and is expected to track the forecast, as fair value gains on investment properties are
added back in the computation of distributable earnings.

The financial results on which this trading statement is based have not been reviewed or reported on by Equites’
auditors.


1 April 2015


Sponsor
Java Capital

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