Trading Update Value Group Limited (Incorporated in the Republic of South Africa) Registration number: 1997/002203/06 Share code: VLE ISIN code: ZAE000016507 (Value or the company) TRADING UPDATE In terms of the listings requirements of the JSE Limited, a listed company is required to publish a trading update as soon as it becomes reasonably certain that the financial results for the period to be reported on next will show a 20% or more difference from the previous corresponding period. The first half of 2015 was characterised by extremely challenging trading conditions resulting from high unemployment rates, consumer debt exposure coupled with the protracted strike action which further weakened the South African economy. The associated negligible growth rates had a material impact on volumes and demand for the Group’s services. As a result, the Group had to contend with non-sustainable rate pressure exacerbated by declining volumes and activity in the various divisions. In addition to revenue pressures, statutory and inflationary increases resulted in operating and overhead costs escalating disproportionately to revenue. Subsequently, increased volumes, improvement in operational efficiencies and associated operating cost reductions had a positive effect on second half earnings. The impact though was insufficient to improve on the audited results reported in 2014. Accordingly, shareholders are advised that basic and headline earnings per share for the year ended 28 February 2015 will be 25% to 45% lower than that achieved in the corresponding audited period ended 28 February 2014. This translates to earnings per share ranging from 36,8 to 50,2 cents per share in relation to the comparative period (66,9 cents per share) and headline earnings per share ranging from 37,5 to 51,1 cents per share in relation to the comparative period (68,2 cents per share). Various initiatives commenced early in 2014 to increase revenue and reduce operating costs. Key operational areas have been restructured to streamline processes and improve efficiencies. Loss making contracts were terminated. The financial results, on which this trading update has been based, have not been reviewed nor reported on by Value’s auditors. Further information will be provided in the results announcement for the year ended 28 February 2015 which will be published on or about 13 May 2015. Johannesburg 29 April 2015 Sponsor: Investec Bank Limited Date: 29/04/2015 04:00:00 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.