Trading Statement SEARDEL INVESTMENT CORPORATION LIMITED ('Seardel' or 'the Company') Registration number: 1968/011249/06 (Incorporated in the Republic of South Africa) JSE share code: SER ISIN: ZAE000029815 JSE share code: SRN ISIN: ZAE000030144 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 (“the Reporting Period”) will differ by at least 20% from the financial results for the previous corresponding period. Seardel accordingly advises that for the six months ended 30 September 2014 the Company expects its financial results to fall within the following ranges: 2014 (Cents) (%) 2013 (Cents) Basic earnings per share 1.3-1.6 (68.29%) - (60.98%) 4.1 Headline 4.1 earnings per 1.3-1.6 (68.29%) - (60.98%) share Shareholders are advised that the results for the Reporting Period are not directly comparable with the prior period for the following reasons: - The results for the six months to September 2014 include the results of HCI Invest 3 Holdco Proprietary Limited (“Sabido Holdco”), which holds a 63,9% interest in Sabido Investments Proprietary Limited, the media group which owns e.tv and a variety of other broadcasting, content and production businesses. Sabido Holdco was acquired in the second half of the previous financial year through a combination of debt and equity. The equity portion was settled by the issue of 500 million N ordinary shares; - On the 29 April 2014, the Company successfully concluded a R5 billion Rights Issue to Shareholders and issued 3,125 billion new N Ordinary Shares; and - The above has resulted in the number of shares in issue increasing from 685 925 143 Ordinary and N Ordinary shares in the comparative period to 4 318 211 754 Ordinary and N Ordinary shares in the current period. 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 six months ended 30 September 2014 are expected to be released on 21 November 2014. 12 November 2014 Cape Town Sponsor Investec Bank Limited Date: 12/11/2014 04:42:00 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.