Trading overview – Six Months ended 31 August 2012 Astrapak Limited (Incorporated in the Republic of South Africa) (Registration number: 1995/009169/06) Share Code: APK ISIN: ZAE000096962 ("Astrapak" or “the company” or “the Group”) Trading overview – Six Months ended 31 August 2012 Under difficult circumstances Astrapak has moved firmly to address its cost base and efficiency. While reported results for the six month period ended 31 August 2012 will reflect input cost and margin pressures and tighter selling prices, the company has invested in operating capacity and is re- engineering both its Rigids and Flexible divisions for greater operating efficiency to move profitability to a sustainably improved base. A review of the asset base of the business and current levels of utilisation has been advanced and sales strategies devised for improved utilisation levels and required returns from each business. Trading Statement – Six months ended 31 August 2012 In terms of the Listings Requirements of the JSE, a company is required to publish a trading statement as soon as the company is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% or more from those of the corresponding reporting period of the previous year ("comparative period"). The estimates in respect of the reporting period ended 31 August 2012, on which the trading statement is based, will not be reviewed, audited and reported on by the Group's auditors and the following trading statement is therefore based on the information available at the time of this announcement. The Board therefore advises shareholders of Astrapak that: - Net asset value per share (“NAVPS”) is expected to be between 4% and 5% higher than that reported for the comparative period, which will result in anticipated NAVPS of between R9.00 and R9.05 (2011: R8.62). The restated comparative NAVPS is R8.93 due to a change in the accounting policy. The Group has, in terms of IAS 16: Property Plant and Equipment, revalued properties to reflect fair market value of owned properties. Comparatives have therefore been restated to reflect this change as this represents a change in accounting policy. Properties owned by the company with a net book value of R143.2m as at 31 August 2012 were revalued at R255.1m based on valuations done by an independent certified valuator. The shares of the Group are currently trading at R6.50 on the JSE, a substantial discount to expected net asset value. - Earnings per share (“EPS”) from continuing operations is expected to be between 15% and 20% lower than that reported in the comparative period, which will result in anticipated EPS of between 20.9 cents and 22.2 cents (2011: 26.1 cents). - Headline earnings per share ("HEPS") from continuing operations is expected to be between 15% and 20% lower than that reported for the comparative period, which will result in anticipated HEPS of between 21.0 cents and 22.4 cents(2011: 26.3 cents); - EPS from both continuing and discontinued operations is expected to be between 30% and 35% lower than that reported in the comparative period, which will result in anticipated EPS from continuing operations of between 15.7 cents and 16.9 cents (2011: 24.2 cents); - HEPS from continuing and discontinued operations is expected to be between 25% and 30% lower than that reported for the comparative period, which will result in anticipated HEPS of between 17.1 cents and 18.3 cents(2011: 24.4 cents); The Group's results for the six months ended 31 August 2012 are expected to be finalised and published on SENS on or about 28 September 2012. Appointment of Chief Executive Officer Pursuant to the SENS announcement dated 30 May 2012, the Board wishes to advise that it is at an advanced stage of appointing a permanent CEO for the Group and that an announcement will be made in the near future. Denver 21 September 2012 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21/09/2012 03:30:00 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.