2017-04-21 14:45:00

ING 201704210030A
Trading statement

(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE000127411 JSE share code: ING
(“Ingenuity” or “the company”)


In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited,
Ingenuity expects to announce for the six months ended 28 February 2017:

   -   earnings per share (“EPS”) of 5.2 cents per share (2016: 5.4 cents) which
       is a decrease of 3.7% over the prior comparative period;

   -   headline earnings per share (“HEPS”) of 1.5 cents per share (2016: 2.2
       cents) which is a decrease of 31.8% over the prior comparative period;

   -   net asset value per share (“NAV”) of 123 cents per share (2016: 112
       cents) which is an increase of 9.8% over the prior comparative period.

EPS has decreased marginally due to increases in net borrowings utilised to fund
acquisitions, higher interest rates and a decrease in fair value adjustments to
cater for higher market yield expectations in a higher interest rate environment
compared to the prior comparative period.

HEPS has decreased due to increases in net borrowings utilised to fund
acquisitions, increases in interest rates and the higher cost of funding associated
with the long-term interest rate swap contracts entered into to mitigate interest
rate risk. Currently, 56% of the total borrowings are hedged by contracts
maturing between November 2020 and July 2021.

NAV growth has increased due to acquisitions made and growth in the value of
the portfolio.

Ingenuity is committed to creating enduring increased wealth for shareholders,
focusing on underlying quality assets with a strong focus on growing NAV.

The above information has not been reviewed or reported on by the company’s
auditors and the company’s consolidated results for the six months ended 28
February 2017 are expected to be published on or about 26 April 2017.

Cape Town
21 April 2017

Nedbank Corporate and Investment Banking

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