Trading Statement SEARDEL INVESTMENT CORPORATION LIMITED (Incorporated in the Republic of South Africa) Registration number: 1968/011249/06 N-Shares share code: SRN; Ordinary Shares share code: SER ISIN: ZAE000030144; ISIN: ZAE000029815 (“Seardel” or “the Company”) TRADING STATEMENT In terms of the Listing 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 upon next will differ by at least 20% from the financial results for the previous corresponding period. Shareholders are advised that the current year basic earnings per share and headlines earnings per shares take into account losses in respect of discontinued operations related to the disposal of its clothing manufacturing operation, as announced on SENS on 29 October 2013. Seardel accordingly advises that for the year ended 31 March 2014 the Company expects its financial results to fall within the following ranges: Earnings per share 2014 2013 Earnings per share from continuing operations 18.5 – 15.0 12.6 Loss per share from discontinued operations (18.5) – (17.0) (6.6) Earnings / (loss) per share 0 – (2.0) 6.0 Headline earnings per share 2014 2013 Headline earnings per share from continuing operations 16.5 – 13.5 9.4 Headline loss per share from discontinued operations (14.5) – (13.5) (6.5) Headline earnings per share 2.0 – 0 2.9 The financial information on which this trading statement is based has not been reviewed or reported on by the company`s auditors. Shareholders are advised that the results for the year ended 31 March 2014 are scheduled to be released on 22 May 2014. Cape Town 19 May 2014 Sponsor Investec Bank Limited Date: 19/05/2014 04:20:00 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.