Trading Statement M&S Holdings Limited (Formerly Top Fix Holdings Limited) (Incorporated in the Republic of South Africa) (Registration number: 2006/011359/06) Share code: MSA ISIN code: ZAE000088423 ("M&S" or "the Company") TRADING STATEMENT In terms of paragraph 3.4 (b) of the JSE Limited (“JSE”) Listings Requirements, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period. M&S shareholders are accordingly advised that: -Earnings per share for the year ended 30 June 2012 are expected to decrease from 4,9 cents for the year ended 30 June 2011 to a loss per share of more than 30 cents mainly due to an impairment recognised within the scaffolding business operations and the sale of the scaffolding business as set out in more detail in the Circular to M&S shareholders dated 23 April 2012; -Earnings per share from continued operations for the year ended 30 June 2012 are expected to decrease from 11,6 cents per share for the year ended 30 June 2011 to approximately 9,3 cents; -Headline earnings per share for the year ended 30 June 2012 are expected to decrease from 6,8 cents for the year ended 30 June 2011 to a headline loss per share of approximately 1 cent; and -Headline earnings per share from continued operations for the year ended 30 June 2012 are expected to decrease from 11,6 cents for the year ended 30 June 2011 to approximately 9,7 cents. The financial information on which this trading statement is based has not been reviewed or reported on by M&S’s auditors and the financial results are expected to be published on or about 28 September 2012. Johannesburg 21 September 2012 Designated Advisor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 21/09/2012 05:18:00 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.