IMPERIAL HOLDINGS LIMITED - Clarification of Certain Items Contained in the Interim Results and Impact of Increase in Local Dividend Tax

Clarification of Certain Items Contained in the Interim Results and Impact of Increase in Local Dividend Tax

Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
Preference share code: IPLP ISIN: ZAE000088076
Ordinary share code: IPL ISIN: ZAE000067211
(”Imperial”)

CLARIFICATION OF CERTAIN ITEMS CONTAINED IN THE INTERIM RESULTS PUBLISHED
ON 21 FEBRUARY 2017 AND IMPACT OF INCREASE IN LOCAL DIVIDEND TAX

Shareholders are referred to the unaudited interim results and declaration
of preference and ordinary dividends for the six months ended 31 December
2016 released on the Stock Exchange News Service on 21 February 2017.

Imperial is providing the disclosure outlined below for clarification:

Imperial Logistics: Divisional Performance

The tables for HY2 2016 as disclosed in the interim report for Logistics
South Africa & African Regions on page 7 had not been restated to exclude
the businesses held for sale, whereas the HY2 2016 figures in the table for
Imperial Logistics on page 6 had been restated.

The revised numbers below exclude businesses held for sale for Logistics
South Africa & African Regions. Logistics International was not impacted as
Neska was sold in HY1.


Logistics December 2016            As          As
tables                             disclosed   disclosed   Revised   Revised
                                   H2 2016     H2 2016     H2 2016   H2 2016
                                   Revenue     Op profit   Revenue   Op profit
Logistics SA                       7533        340         7321      400
Logistics African Regions          5872        388         5362      389



Palletways

The revenue for the Palletways acquisition published on SENS on 1 June 2016
was based on the disclosed revenue received during the due diligence
process, which excluded revenue between franchisee members. Since
Palletways acts as a principal to members, this revenue should in terms of
IFRS be included in Palletways’ revenue, resulting in higher revenue as
disclosed in the interim results.

Interim Dividend

Pursuant to the increase in the local dividend tax to 20% as announced in
the National Budget on 22 February 2017:

The gross preference dividend of 434.31164 cents will be subject to a local
dividend tax rate of 20%. The net preference dividend, to those
shareholders who are not exempt from paying dividend tax, is therefore
347.44931 cents per share.

The gross ordinary dividend of 320.00000 cents will be subject to a local
dividend tax rate of 20%. The net ordinary dividend, to those shareholders
who are not exempt from paying dividend tax, is therefore 256.00000 cents
per share.

Bedfordview
24 February 2017

Sponsor: Merrill Lynch South Africa (Pty) Limited

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