Trading Statement

Brait’s earnings are closely correlated with equity prices, which have generally decreased since January 2008. Brait also holds a concentrated exposure to Net 1 UEPS, which has experienced short-term price weakness at 31 March 2008.  As a result of the above, the directors consider it prudent to give guidance to shareholders as follows:

For the year ended 31 March 2008, we estimate that, in relation to the year ended 31 March 2007:

– Earnings per share (“EPS”) is expected to increase by 8% to 12%;

– Diluted EPS is expected to increase by 14% to 18%;

– Headline earnings per share (“HEPS”) is expected to decline by 18% to 22%;

– Diluted HEPS is expected to decline by 16% to 20%

The reason for the increase in the EPS is the result of the gain on the realisation of Brait’s equity holdings in Bayport Management Limited and Bayport Holdings (South Africa) (Proprietary) Limited (Bayport).

Historically Bayport was consolidated rather than fair valued, and accordingly the gain on realisation has been excluded in the calculation of HEPS.

The financial information on which this trading statement has been based has not been reviewed or reported on by the Company’s auditors.

The financial results of the company for the year ended 31 March 2008 are currently being prepared and are expected to be published on or about 30 May 2008.