2014 Interim Results- Trading statement

In accordance with the JSE Limited Listings Requirements, Pallinghurst gives notice that it is now reasonably certain that its financial results for the interim period to 30 June 2014 will differ by more than 20% compared to the financial results for the period to 30 June 2013.

Pallinghurst expects that earnings and headline earnings per share will increase to US$0.14, compared to a loss and headline loss per share of US$0.10 for the six months ended 30 June 2013.

The significant period on period increase in earnings and headline earnings is primarily attributable to increases in the valuation of Pallinghurst’s interests in Gemfields plc and Jupiter Mines Limited, which are held at fair value.

Pallinghurst expects that net asset value per share at 30 June 2014 will increase to US$0.68 (US$0.43 at 30 June 2013; US$0.55 at 31 December 2013).

The financial information on which this trading statement is based has not been reviewed or reported on by Pallinghurst’s auditors. Pallinghurst’s financial results for the period ended 30 June 2014 are expected to be released on SENS on or about 22 September 2014.