AVIOR CAPITAL MARKETS HOLDINGS LIMITED - Further trading statement

Further trading statement

Avior Capital Markets Holdings Limited
(previously Jamispan Proprietary Limited)
Incorporated in the Republic of South Africa
Registration number: 2015/086358/06
JSE Code: AVR
ISIN: ZAE000211637
("Avior Holdings" or “the Company”)

FURTHER TRADING STATEMENT

Further to the trading statement published by the Company on the Stock Exchange News Service
(“SENS”) of the JSE Limited (“JSE”) dated, 13 December 2017 (“Initial Trading Statement”) and in
compliance with paragraph 3.4(b)(iv) of the Listings Requirements of the JSE, shareholders are hereby
advised that a reasonable degree of certainty exists that Avior Holdings’:

    -   headline earnings per share (“HEPS”) for the 6-month interim period ended 31 October 2017
        is expected to be between 6.67 cents and 8.15 cents, compared to the HEPS of 14.82 cents
        for the 6 month interim period ended 31 October 2016 (translating into a decrease of between
        45% and 55%) and not between 8.89 cents and 10.37 cents as previously announced in the
        Initial Trading Statement; and

    -   earnings per share (“EPS”) for the 6-month interim period ended 31 October 2017 is expected
        to be between 7.11 cents and 8.12 cents, compared to the EPS of 10.15 cents for the 6 month
        interim period ended 31 October 2016 (translating into a decrease of between 20% and 30%)
        and not between 8.12 cents and 9.14 cents as previously announced in the Initial Trading
        Statement.

An interim review process was undertaken by Avior Holding’s auditors, PKF, in the spirit of good
governance. The changes arose due to differences identified during the process, which management
undertook to adjust for. The unexpected decrease was primarily as a result of a correction to the
timing of revenue recognition relating to certain broker contracts, fixed asset impairment as a result
of a move to the new Johannesburg head offices and adjustments to period end accruals. The review
was performed in accordance with the International Standard on Review Engagements (ISRE) 2410,
Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

The information on which this further trading statement is based has not been reviewed and reported
on by Avior Holdings’ auditors. It is expected that the results for the 6-month interim period ended 31
October 2017 will be published on SENS before or on 31 January 2018.

Johannesburg

26 January 2018

Designated Advisor

Pallidus Capital Proprietary Limited

Date: 26/01/2018 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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