Trading statement EOH HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/014669/06) JSE share code: EOH ISIN: ZAE000071072 (the "Group") TRADING STATEMENT In accordance with section 3.4 (b) of the JSE Listings Requirements, shareholders are advised that the financial results for the Group for the six-month period ended 31 January 2019 (the "H1 2019") will differ by more than 20% from that of the previous corresponding period as further detailed below: For the six months ended For the six months ended 31 January 2019 31 January 2018 (unaudited) (as reported) From continuing operations (in cents) Earnings per share ("EPS") (2 073) 320 Headline earnings per share ("HEPS") (973) 314 Including discontinued operations (in cents) EPS (2 099) 47 HEPS (993) 319 Revenue remains stable at R8,428 million and operating costs remain flat, after the removal of once off items. Normalised EBITDA from continuing operations for H1 2019 is R387 million. The Group has recently completed a strategic review of the business and presented a strategic plan to the Board which was adopted in late March 2019. The strategic review necessitated a review of the carrying value of intangible assets, the identification of business lines no longer core to the adopted strategy and a review of minority investments. This was mentioned in the CEO 100-day update on 11 December 2018 and the SENS announcements of 15 February 2019 and 20 March 2019. The main areas impacting EPS on a once-off basis are: - impairments to goodwill, intangible assets and equity accounted investments of 1,092 cents; - losses on business identified for close out at H1 2019 of 372 cents; - impact of additional specific impairment provisions of trade receivables and other financial assets in terms of IFRS 9 of 142 cents; - impact of the Lebashe BEE transaction IFRS 2 costs of 100 cents; and - loss on the disposal of an equity accounted investment in Zimbabwe of 93 cents. Additionally, a financial statement review at 31 July 2018 took place which has resulted in a restatement of the full year results for the financial year ended 31 July 2018 which has had the following impact on EPS and HEPS: For the year ended* For the year ended* 31 July 2018 (as reported) 31 July 2018 (restated unaudited) From continuing operations (in cents) EPS 202 (260) HEPS 278 18 Including discontinued operations (in cents) EPS (70) (531) HEPS 283 23 *impairments were done at year end The restatements above relate to an impairment booked against the GCT unwind and the TTCS equity accounted investment in Zimbabwe. Notwithstanding the above non-cashflow items, the net asset value of the Group is R4,574 million, including cash of R957 million as at 31 January 2019. The net asset value of the Group remains substantially above the current market capitalisation of the Group of R1,855 million. The financial information contained in this trading statement has not been reviewed nor reported on by the Group's independent external auditors. Good progress has been made in implementing the new strategy. Shareholders will be given additional information in respect of the strategic operational review and the future prospects of the Group at the 2019 Interim Results presentation, following the release of the H1 2019 results on 16 April 2019. 12 April 2019 Sponsor Java Capital Date: 12/04/2019 08:30:00 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.