LIBERTY HOLDINGS LIMITED - Trading Statement in respect of the six months ended 30 June 2019

Trading Statement in respect of the six months ended 30 June 2019

Liberty Holdings Limited
Registration number 1968/002095/06
Incorporated in the Republic of South Africa
Share code: LBH
ISIN code: ZAE0000127148
("Liberty Holdings" or "the Group")

TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 30 JUNE 2019

Shareholders are advised that Liberty Holdings is currently in the process of compiling its
results for the six months ended 30 June 2019. This trading statement provides an indication
of a range for normalised headline earnings per ordinary share, headline earnings per
ordinary share and basic earnings per ordinary share pending finalisation of the
consolidation of the half year results. Liberty Holdings’ interim results will be released on the
Stock Exchange News Service of the JSE Limited on 1 August 2019.

Shareholders are advised that normalised headline earnings(1) per ordinary share, the
Group’s primary earnings measure, is expected to be between 45% to 55% (between
698,9 cents and 747,1 cents per ordinary share) higher than the six months ended
30 June 2018 (“the comparative period”).

The Shareholder Investment Portfolio (“SIP”) benefitted significantly from improved
investment market returns, particularly in respect of equities, in the first half of 2019. The
current risk profile of the SIP is similar to a conservative balanced portfolio and is managed
with a long-term through the cycle investment horizon. Progress is being made towards re-
building a competitive and sustainable business, resulting in improved operating earnings
whilst the focus on new business volumes continues.

In term of paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are
further advised that headline earnings(2) per ordinary share and basic earnings(3) per ordinary
share are expected to be between 25% to 35% (between 704,4 cents and 760,7 cents per
ordinary share) and 18% to 28% (between 664,9 cents and 721,3 cents per ordinary share)
respectively, higher than the previously reported comparative period.

The financial information on which this trading statement has been based has not been
audited or reviewed by the company's auditors.

(1)   Normalised headline earnings reflects the economic reality of the consolidation of the listed Liberty Two
Degrees REIT and the Black Economic Empowerment transaction which differs from the required IFRS
accounting treatment.
(2)  Headline earnings includes the adjustments required in terms of IFRS to reflect the Black Economic
Empowerment transaction and reverse the accounting mismatch arising on consolidation of the listed Liberty Two
Degrees REIT.
(3)   Basic earnings includes the adjustments required in terms of IFRS to reflect the Black Economic
Empowerment transaction and reverse the accounting mismatch arising on consolidation of the listed Liberty Two
Degrees REIT and the remeasurement of disposal groups classified as held for sale.

Queries:
Investor Relations
Sharon Steyn 011 408 3063
www.libertyholdings.co.za

18 July 2019

Sponsor
Merrill Lynch South Africa (Pty) Limited

Date: 18/07/2019 07:30:00
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