Trading statement M&S Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 2006/011359/06) Share code: MSA ISIN code: ZAE000165446 ("M&S" or "the Company") TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited relating to Trading Statements, a listed company is required to publish a trading statement as soon as it becomes 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 are expected to increase from a loss of 49,6 cents for the year ended 30 June 2012 to earnings of between 15,1 and 16,9 cents per share for the year ended 30 June 2013; - Earnings per share from continued operations are expected to increase from 9,3 cents per share for the year ended 30 June 2012 to between 15,1 and 16,9 cents per share for the year ended 30 June 2013; - Headline earnings per share are expected to increase from a loss of 1 cent for the year ended 30 June 2012 to headline earnings of between 15,1 and 16,9 cents per share for the year ended 30 June 2013; and - Headline earnings per share from continued operations are expected to increase from 9,3 cents for the year ended 30 June 2012 to between 15,1 and 16,9 cents per share for the year ended 30 June 2013. 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 20 August 2013. Johannesburg 10 July 2013 Designated Advisor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 10/07/2013 08:35:00 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.