NETCARE LIMITED - Trading Statement

Trading Statement

NETCARE LIMITED
(Registration number 1996/008242/06)
JSE ordinary share code: NTC
ISIN: ZAE000011953
JSE preference share code: NTCP
ISIN: ZAE000081121
("Netcare")

TRADING STATEMENT

In terms of paragraph 3.4 (b) of the JSE Listings Requirements, a listed company is required to
publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported upon next will differ by at least 20% from those of
the previous corresponding period.

Netcare will be releasing its unaudited interim Group results for the six months ended 31 March
2017 on Monday, 15 May 2017. These results include the benefit of two sizeable, non-trading items,
being:

    * A capital profit on the sale of the land and buildings of the old Netcare Christiaan Barnard
      Memorial Hospital (“CBMH capital profit”); and
    * A non-cash, fair value accounting credit on the mark-to-market valuation of Retail Price
      Index swap instruments related to property leases of the United Kingdom operations (“UK
      RPI swap valuation”).

As a result of the CBMH capital profit and the UK RPI swap valuation benefit, Earnings and Earnings
Per Share (“EPS”) for the six months ended 31 March 2017 are anticipated to be between 28.0% and
32.0% higher (R351 million and R401 million and 26.0 cents and 29.7 cents, respectively) than those
for the previous comparable period (“H1 2016”) of R1 253 million and 92.7 cents, respectively.

The CBMH capital profit is not included in Headline Earnings. However, as a result of the UK RPI
swap valuation benefit, Headline Earnings and Headline Earnings Per Share (“HEPS”) for the six
months ended 31 March 2017 are anticipated to be between 17.0% and 21.0% higher (R208 million
and R256 million and 15.4 cents and 19.0 cents, respectively) than those for H1 2016 of R1 221
million and 90.3 cents, respectively.

In addition to the mandatory EPS and HEPS metrics, Netcare also publishes an “adjusted HEPS”
figure, which excludes both the CBMH capital profit and the UK RPI swap valuation benefit. In line
with Netcare’s previous guidance of 30 March 2017, Adjusted Headline Earnings and Adjusted HEPS
are anticipated to be between 9.0% and 13.0% lower (R111 million and R160 million and 8.2 cents
and 11.8 cents, respectively) than those for H1 2016 of R1 230 million and 91.0 cents, respectively.

The information provided in this trading statement has not been reviewed or reported on by
Netcare’s external auditors.

Johannesburg
09 May 2017
Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 09/05/2017 05:30:00 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.