20 September 2011

In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the reporting period will differ by more than 20% from that of the previous corresponding period.

As per the SENS announcement, dated 28 August 2009, the Company has adopted the net asset value per share (“NAVPS”) measure for trading statements. The NAVPS measure for trading statement purposes is considered a more relevant yardstick of the performance of the Group than headline earnings per share and earnings per share.

Shareholders of Sephaku are advised that the Company is expecting an increase in NAVPS of between 60% and 80% compared to the NAVPS at 30 June 2010. Shareholders are also referred to the trading statement dated 9 March 2011 relating to interim period ended 31 December 2010.

The increase in NAVPS is mainly attributable to the corporate actions undertaken by the Company during 2010, namely, the issue of shares for cash by Sephaku Cement (Pty) Limited to Dangote Industries Limited in order to settle a loan of R75.6 million and the subscription of shares in an amount of R703.4 million, and the payment to shareholders by way a dividend in specie of one ordinary share in Incubex Minerals Limited for every ten Sephaku Holdings shares held.

Shareholders are referred to the circular issued on 30 September 2010 and the pro forma effects on page 93 of the circular, and the SENS announcements dated, 25 August 2010 and 30 September 2010.

The results for the year ended 30 June 2011 will be published towards the end of September 2011.

This trading statement has not been reviewed or reported on by the Group`s external auditors.

20 September 2011
Pretoria

Sponsor to Sephaku Holdings
QuestCo Sponsors (Pty) Limited