CAPEVIN HOLDINGS LIMITED - Trading Statement

Trading Statement

Capevin Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1997/020857/06)
Share code: CVH
ISIN: ZAE000167714
("Capevin" or “the Company”)

TRADING STATEMENT

Distell Group Limited (“Distell”) is currently finalising its
financial results for the six months ended 31 December 2013, which
should   be   released  on   or   about   20  February   2014.   On
12 February 2014, Distell advised its shareholders that its
earnings per share and headline earnings per share are likely to be
between 20% and 25% higher than the corresponding reporting period
of the previous year. Distell also advised that full year earnings
growth will be impacted to a lesser extent.

Distell’s earnings growth for the six months is significantly
impacted by the once-off fair value remeasurement, required in
terms of International Financial Reporting Standards (“IFRS”), of
the contingent purchase consideration payable for the Burn Stewart
Distillers Limited acquisition announced in the previous financial
year. Please refer to Distell’s trading statement issued on SENS on
12 February 2014 for further details.

Capevin equity accounts its investment in Distell and consequently,
its earnings per share and headline earnings per share for the six
months ended 31 December 2013 is reasonably expected to be between
20% and 25% higher than the corresponding reporting period of the
previous year.


The forecast financial information on which this trading statement
is based has not been reviewed and reported on by the Company’s
external auditors.


Stellenbosch
13 February 2014

Sponsor
PSG Capital




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