Trading Statement WILSON BAYLY HOLMES - OVCON LIMITED Building and civil engineering contractors (Registration no. 1982/011014/06) ISIN No: ZAE 000009932 Share code: WBO (“WBHO” or “the Company”) TRADING STATEMENT Shareholders are referred to the market update published on SENS of the JSE Limited on 20 June 2018 in which stakeholders were advised of developments within the group over the second six months of the financial year ending 30 June 2018 The directors of Wilson Bayly Holmes-Ovcon Ltd now hereby advise shareholders that, in respect of the consolidated financial results for the year ended 30 June 2018, earnings per share and headline earnings per share are expected to vary by the percentages and amounts included in the table below:- 30 June 30 June 30 June 2018 2018 2017 % range between Between Continuing operations: Earnings per share (cents) 5% to 15% up 1 413 and 1 548 1 345.7 Headline earnings per share (cents) 0% to 10% up 1 309 and 1 440 1 308.9 Total operations: Earnings per share (cents) 5% to 15% up 1 413 and 1 547 1 345.6 Headline earnings per share (cents) 0% to 10% up 1 308 and 1 439 1 307.9 Earnings per share has been positively affected by the accounting treatment required by IFRS 3 in respect of the group’s increased interest in the Byrne Group which increased from 40% to 80% on 18 June 2018. Under IFRS the group is required to first dispose of its 40% interest in the company and recognise either a gain or loss thereon. Thereafter the group reacquires the 80% interest and recognises goodwill or a bargain purchase as necessary. Shareholders are also reminded that in the previous financial year the group recognised a once-off expense of R170 million in respect of the Settlement Agreement signed with Government in October 2016. In order to provide shareholders with a clearer analysis of the group’s trading activities, the table below illustrates adjusted earnings per share and headline earnings per share in respect of the period had the once-off settlement amount not been accounted for. 30 June 30 June 30 June 2018 2018 2017 % range between Between Continuing operations: Earnings per share (cents) 0% to 10% down 1 417 and 1 574 1 574.1 Headline earnings per share (cents) 5% to 15% down 1 307 and 1 461 1 537.4 Total operations: Earnings per share (cents) 0% to 10% down 1 417 and 1 574 1 574.0 Headline earnings per share (cents) 5% to 15% down 1 306 and 1 460 1 536.3 The summary consolidated financial statements for the year ended 30 June 2018 are expected to be released on SENS on 4 September 2018. This statement has not been reviewed nor reported on by the company’s auditors. By order of the board Johannesburg 23 August 2018 Sponsor: Investec Bank Limited Date: 23/08/2018 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.