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 company’) 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. In the year ended 28 February 2019, organic growth from new and certain existing customers contributed positively to the company’s annual results. The associated increase in revenue and curtailment of overhead cost escalations resulted in an increase in earnings. In addition, the once-off BEE equity transaction costs, which were incurred in the company’s previous reporting period ended 28 February 2018, had a negative effect on the prior period’s earnings. Consequently, the comparative headline and basic earnings per share figures were reduced. Accordingly, shareholders are advised that headline earnings per share for the year ended 28 February 2019 will be higher than that achieved in the previous corresponding year. This translates to headline earnings per share ranging from 80 to 91,7 cents per share (an increase of between 36% and 56%) in relation to the comparative period (58,7 cents per share). In addition, basic earnings per share for the year ended 28 February 2019 will be higher than that achieved in the previous corresponding year. This translates to basic earnings per share ranging from 80 to 90,9 cents per share (an increase of between 46% and 66%) in relation to the comparative period (54,8 cents per share). Excluding the once-off BEE equity transaction cost incurred in the previous financial year, normalised headline earnings per share for the year ended 28 February 2019 will be 13% to 29% higher than that achieved in the previous corresponding year. This translates to normalised headline earnings per share ranging from 80 to 91,7 cents per share in relation to the comparative period (71,1 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. The results for the 12 months ended 28 February 2019 will be published on or about 10 May 2019. Johannesburg 24 April 2019 Sponsor: Investec Bank Limited Date: 24/04/2019 10:15:00 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.