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PLD - Paladin Capital Limited - Trading statement for the year ended 28 February 2011 PALADIN CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number: 2007/032836/06) Share Code: PLD ISIN Number: ZAE000138970 ("Paladin" or "the Company") TRADING STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2011 RECURRING HEADLINE EARNINGS Paladin continues to use the recurring headline earnings method to provide management and investors with a more realistic and transparent way of evaluating Paladin`s earnings performance. Recurring headline earnings represent the sum of Paladin`s effective interest in that of each investee, regardless of its percentage shareholding. The result is that investments in which Paladin or an investee holds less than 20% and are generally not equity accountable in terms of accounting standards, are included in the calculation of our consolidated recurring headline earnings. Marked-to-market fluctuations are excluded. TRADING STATEMENT In terms of 3.4 (b) the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will show a 20% or more difference from those of the previous corresponding period. Paladin hereby advises that a reasonable degree of certainty exists that, for the year ended 28 February 2011: * recurring headline earnings will be between 11.9 cents and 12.3 cents per share or between 36.3% to 38.3% lower than that for the year ended 28 February 2010; * headline earnings will be between 34.3 cents and 34.7 cents per share or between 21.0% to 21.9% lower than that for the year ended 28 February 2010; and * attributable earnings will be between 61.1 cents and 61.5 cents per share or between 68.3% to 69.4% higher than that for the year ended 28 February 2010. * Recurring headline earnings per share was negatively affected by the weaker performance of Paladin`s cyclical investments in the construction and related services sectors. The impact on headline earnings was less severe due to Paladin`s 49% share of Thembeka Capital Limited`s marked-to-market profits. The increase in attributable earnings per share was mainly as a result of the profit realised on the sale of Paladin`s investment in CIC Holdings Limited. This financial information has not been reviewed or reported on by the auditor of Paladin. The results for the year ended 28 February 2011 will be published on or about 13 April 2011. Stellenbosch 12 April 2011 QuestCo Sponsors (Pty) Ltd Designated advisor to Paladin PSG Capital (Pty) Ltd Corporate advisor to Paladin Date: 12/04/2011 15:28:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
