Trading statement and dividend guidance

Trading statement and dividend guidance

(Incorporated in the Republic of South Africa)
(Registration number 1956/002868/06)
JSE share code: OCT ISIN: ZAE000192258
(Approved as a REIT by the JSE)
("Octodec" or "the company")


Shareholders are referred to Octodec's reviewed provisional results announcement for the year ended
31 August 2020, released on Monday, 16 November 2020, wherein the Company confirmed that it will not be
providing distributable earnings guidance for the 2021 financial year, due to uncertainty arising from COVID-
19 and the continued impact on operating conditions.

Octodec uses distribution per share as its relevant measurement of financial results, and accordingly, in terms
of the Listings Requirements of the JSE, it is required to publish a trading statement as soon as it becomes
reasonably certain that the distribution per share for the next period to be reported on will differ by at least
15% from that of the prior corresponding period. Octodec therefore advises shareholders that distributable
earnings per share, on which distribution per share is based, is anticipated to be between 22% and 24% lower
than distributable earnings per share for the six months ended 29 February 2020, a pre-COVID-19 reporting

The company generated distributable earnings of between R196 million and R201 million for the six month
period ended 28 February 2021 (distributable earnings for the six months ended 31 August 2020: R159
million). Shareholders are further advised that, given the ongoing uncertainty related to COVID-19 and
Octodec's established objectives to reduce debt and strengthen its balance sheet, the Board considers it prudent
to defer any decision on the declaration of a dividend to shareholders until the publication of Octodec's annual
results for the financial year ending 31 August 2021, which are expected to be announced during
October 2021.

In this regard, shareholders are referred to the full disclosure contained in the interim results announcement
for the six months ended 28 February 2021, which announcement will be released on SENS on or about
Wednesday, 21 April 2021.

The financial information contained in this trading statement has not been reviewed or reported on by the
company's auditors.

16 April 2021

Java Capital


Date: 16-04-2021 04:50:00
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