Trading statement for the period ended 31 December 2018 Howden Africa Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1996/002982/06) Share code: HWN ISIN: ZAE000010583 ("HAHL" or “the Company”) TRADING STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2018 Subsequent to the update of results on the 19th July 2018, shareholders are advised that Howden Africa Holding Ltd (“HAHL”) is expecting earnings per share ("EPS") and headline earnings per share (“HEPS”) for the period ending 31 December 2018 to be between 222.08 and 307.36 cents and between 222.06 and 307.38 cents respectively, this is a decline of between 28% and 48% in comparison to the previously reported corresponding period. The deterioration of the results is as a consequence of entering the year with a lower order book across all of the HAHL group of companies’ (“Group”) business segments, but primarily within the power market. The ongoing financial constraints of customers, subdued economic outlook and general industry uncertainty has created a challenging trading environment for the Group with a decline in annuity revenue and pressure on traditional trading margins. This financial information has not been reviewed and reported on by the auditors of HAHL. In light of the intended corporate action and to provide shareholders with all available information to make an informed decision we have decided to release this trading statement before the expected Firm Intention Announcement. For the Shareholders to understand the operational results an Adjusted EPS (EPS net of tax adjusted interest) is expected to be between 143.53 and 211.86 cents a decline of between 38% and 58% in comparison to the corresponding period Adjusted EPS of 341.65 cents. All amounts stated for December 2017 relate to the Audited EPS and HEPS amounts in the Annual Report. Restatements relating to IFRS15 have been not been taken into account for this trading statement review. 22 October 2018 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Limited Date: 22/10/2018 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.