Please note full results and additional commentary are live on SENS, or available on www.brait.com

Brait, the international investment group specialising in the structuring, raising and management of private equity and hedge funds, reported earnings for the year to 31 March 2009.

Whilst Profit from Operations was down by 21% to R237m, South African operations showed an improvement of 42%. The cash position was strong, with cash and near cash of R430m. The Net Asset Value (NAV) of the Group increased, underscoring the resilience of the Group.

“The past year has been particularly challenging for investment managers in South African and global markets,” said Brait CEO, Antony Ball. “We are pleased to be able to report that our principal investment products performed well, and, importantly, to be able to report a positive return on our Private Equity funds. This can be attributed to the strong operating performance, in aggregate, of our portfolio companies.

A significantly improved contribution from the Public Markets business was also pleasing.”

Brait declared a final dividend of 89.45 cents per share, bringing a total for the year of 178.9 cents per share, 19% up on the previous reporting period. This was in accordance with Brait’s dividend policy, which is to pay annual dividends amounting to 12.5% of opening NAV.

Brait cautioned that whilst it was confident of its ability to continue to deliver on the performance expectations of the investors in its funds, in financial terms it expected another soft year in 2010. However, it expected an improvement in 2011, and a return to the ROE and Profit Growth targets by 2012, dependent on market conditions, which could either delay or accelerate this process.

ENDS

By: Liz McGregor 021 673 7800
Contact: Jackee Downs 083 678 5767 / Antony Ball 011 507 1000