PEREGRINE HOLDINGS LIMITED - Trading Update

Trading Update

PEREGRINE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/006026/06)
JSE code: PGR ISIN code: ZAE000078127
(“Peregrine” or “the company”)


TRADING UPDATE


In terms of the Listings Requirements of the JSE Limited, 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 will differ by 20% or more from the financial results of the previous corresponding period.

In this regard, shareholders are advised that, as part of Peregrine’s testing for impairment of intangible assets, it has
become clear that the intangible assets (comprising goodwill, trade names and customer relationships) on the balance
sheet of Stenham Limited (in which Peregrine has an effective 62,7% shareholding), will require to be impaired at the
end of the current financial year ending 31 March 2013.

The impairment follows from the fact that the assumptions underlying the models on which Stenham’s intangible
assets are calculated for accounting purposes have changed materially from the time of Peregrine assuming a
controlling interest in Stenham in 2008 and more particularly in the period under review.

Stenham Asset Management has revised downwards its long-term growth assumptions to more meaningfully reflect
the ongoing pressure experienced by the fund of hedge fund industry, both in terms of a reduction in assets under
management, as well as lower margins achievable on these assets. This has resulted in a material reduction in the
calculated value of its intangible assets.

As a result of this impairment to the intangible assets of Stenham Limited, Peregrine’s basic earnings per share for the
year ending 31 March 2013 will be lower than the basic earnings per share for the year ended 31 March 2012 (being
144.2 cents) by more than 20%.

There is not a reasonable degree of certainty, at this stage, as to the range by which the basic earnings per share will be
lower than those for the previous year, but the quantum of the impairment will result in a basic loss per share for the
year ending 31 March 2013.

Shareholders are advised that:

    -   whilst the impairment of the intangible assets will affect basic earnings per share, it will not have any impact
        on headline earnings per share;
    -   the impairment of the intangible assets does not, in any way, impact the operations of Stenham, nor any of the
        other subsidiaries of the Peregrine group and does not, in any way, affect the cash flows of the group. As such,
        the group’s ability to pay an ordinary and any special dividend will not be affected in any way. In this regard,
        in the absence of any material and unforeseen circumstances or significant fluctuations in the global
        macroeconomic environment in the last two months of the year ending 31 March 2013, the ordinary dividend
        to be declared and paid in respect of the year ending 31 March 2013 is anticipated to be at least equal to the
        ordinary dividend of 72 cents declared in respect of the year ended 31 March 2012.

More specific information will be provided to shareholders as soon as there is a reasonable degree of certainty, as
required by the JSE Listings Requirements.

The financial information upon which the trading update has been based has not been reviewed and reported on by the
company’s auditors.

18 February 2013


Sponsor and corporate advisor

Java Capital

Date: 18/02/2013 08:30:00 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.