COMAIR LIMITED - Trading Statement

Trading Statement

Comair Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1967/006783/06
ISIN Code: ZAE000029823
Share Code: COM
(“Comair” or “the Company” or “the Group”)

TRADING STATEMENT

In terms of the JSE Limited Listings Requirements, companies are
required to provide guidance to the market when they are satisfied
that a reasonable degree of certainty exists that the financial
results for the current reporting period will differ by at least
20% from the results of the previous corresponding reporting
period.

Comair is currently finalising its results for the six months
ended 31 December 2016. In this regard, shareholders are advised
that the Company expects earnings per share (“EPS”) and headline
earnings per share (“HEPS”) for the six months ended 31 December
2016 to be at least 20% higher relative to the prior comparative
period.

The expected increase is primarily due to the strengthening of the
Rand against the US Dollar, resulting in the reversal of
unrealised translation losses on the dollar denominated aircraft
loan amounting to R98 million. Furthermore all loss making open
oil hedges had matured by 31 December 2015 and no further hedges
were entered into.

There is currently insufficient certainty to enable the Group to
provide specific guidance on the extent of the expected increase
in both HEPS and EPS and it is anticipated that Comair will
publish a more detailed trading statement in due course.

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

Bonaero Park
11 January 2017

Sponsor
PSG Capital Proprietary Limited

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