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 Group) 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 stagnant economy, political uncertainty and poor growth rates continue to impede pricing and volumes in certain divisions of the Group. This negative trend has been countered by the ongoing focus on reducing the Group’s cost base which has yielded positive results. The retail logistics business of Key Distributors has performed well with positive growth in revenue and profit. The current period’s results however, have been impacted by the once off BBBEE equity transaction costs as illustrated in the Group’s circular dated 22 June 2017. Shareholders are accordingly advised that basic and headline earnings per share for the six months ended 31 August 2017 will be 50% to 70% lower than that achieved in the previous corresponding period. This translates to basic earnings per share ranging from 4,1 to 6,8 cents per share in relation to the comparative period (13,5 cents per share) and headline earnings per share ranging from 4,4 to 7,2 cents per share in relation to the comparative period (14,4 cents per share). Excluding these once off BBBEE equity transaction costs, adjusted headline earnings per share for the six months ended 31 August 2017 will be 10% to 30% higher than that achieved in the corresponding period. This translates to adjusted headline earnings per share ranging from 15,9 to 18,7 cents per share in relation to the comparative period (14,4 cents per share). 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 six months ended 31 August 2017 which will be published on or about 18 October 2017. Johannesburg Date: 6 October 2017 Sponsor: Investec Bank Limited Date: 06/10/2017 01:45:00 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.