VLE 201704210041A 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 Group) 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. Trading conditions in the logistics environment are extremely challenging. Poor growth rates, in addition to the termination of non profitable business, have reduced the Group’s volume base. Certain competitors continue to discount rates to non sustainable levels. Consequently a major restructuring exercise within the Logistics, truck rental, warehouses and Freightpak breakbulk operations was undertaken with the objective of reducing operating and overhead costs. In addition, rates were carefully evaluated and adjusted where required. The positive effect of this restructuring was successfully rolled out across the Group with the specific objective of reducing the cost base. Although volumes and activity increased in the second half compared to the first half, the reduced cost base contributed to an improvement in the Group’s results. In addition, the acquisition of Key Distributors (Pty) Ltd, effective 1 March 2016, has performed positively. Considering margins are low, the business has outperformed expectations and continues to expand into new markets. Shareholders are accordingly advised that basic and headline earnings per share for the year ended 28 February 2017 will be 55% to 75% higher than that achieved in the previous corresponding period. This translates to basic earnings per share ranging from 54,9 to 62,0 cents per share in relation to the comparative period (35,4 cents per share) and headline earnings per share ranging from 57,7 to 65,1 cents per share in relation to the comparative period (37,2 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. Further information will be provided in the results announcement for the year ended 28 February 2017 which will be published on or about 11 May 2017. Johannesburg 21 April 2017 Sponsor: Investec Bank Limited Date: 21/04/2017 04:30:00 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.