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BSR - Basil Read Holdings Limited - Trading Update Basil Read Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number 1984/007758/06) Share Code: BSR ISIN: ZAE 000029781 ("Basil Read" or Group") TRADING UPDATE Shareholders are advised that Basil Read expects its earnings for the period ending 31 December 2011 to be between 39% and 49% lower compared to the previously reported corresponding period. Shareholders are further advised that Basil Read expects its headline earnings for the period ending 31 December 2011 to be between 28% and 38% lower compared to the previously reported corresponding period. Earnings for the year have been negatively affected by difficult trading conditions in the construction sector which have led to the group raising provisions for end of site losses in the amount of R115 million. These provisions relate primarily to three loss making contracts comprising a railway construction project in the Northern Cape, a roads contract in the Free State and a roads contract in Botswana. The group currently has claims against certain of these losses but due to the uncertain nature of the outcome of these claims, no provision has been made for any potential recovery. Shareholders are further advised that included in headline earnings is an adjustment for the impairment of goodwill relating to the group`s investment in Sladden International (Botswana) (Pty) Ltd. The financial information on which this trading statement is based has not been reviewed or reported on by Basil Read`s auditors. The group`s results for the period ending 31 December 2011 will be published on or about 22 March 2012. Johannesburg 2 March 2012 JSE Sponsor Macquarie First South Capital (Pty) Limited Date: 02/03/2012 15:00:02 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.
