SABVEST LIMITED - Trading statement

Trading statement

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/003753/06
ISIN: ZAE000006417 - Ordinary shares
Share code: SBV – Ordinary shares
ISIN: ZAE000012043 - ‘N’ Ordinary shares
Share code: SVN – ‘N’ Ordinary shares
(“Sabvest” or “the Company”)

TRADING STATEMENT

Shareholders are advised that Sabvest expects its headline earnings per share (“HEPS”) and earnings per
share (“EPS”) for the six months ended 30 June 2016 (“the period”) to be at least 20% or at least 65,5 cents
lower than the reported HEPS and EPS of 327,5 cents for the six months ended 30 June 2015. At this stage
Sabvest is expecting that both earnings metrics may be negative for the period. As a result there may also be a
drop in net asset value (“NAV”) per share compared to that of 3719 cents as at 31 December 2015.

These expectations are largely a result of lower share prices in Sabvest’s listed portfolio in South Africa and a
consequent valuation loss for the period, as well as a result of a deferred tax expense on prior year valuation
gains to take account of the higher enacted capital gains tax (“CGT”) rates.

The interim dividend is expected to be at least the same as the prior year.

A more detailed trading statement will be issued in mid-July and the Company’s interim results are expected to
be released on the Stock Exchange News Service at the end of July 2016.

This trading statement has not been reviewed and reported on by Sabvest’s external auditors.

Sandton
4 July 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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