Trading Update ARB HOLDINGS LIMITED (Registration number: 1986/002975/06) Share code: ARH ISIN: ZAE000109435 (“ARB” or “the company”) TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Shareholders are advised that ARB expects its earnings per share (“EPS”,) and headline earnings per share (“HEPS”), for the six months ended 31 December 2018, to be between 22.62 cents and 24.50 cents which is between 35% and 40% lower than the EPS and HEPS reported for the six months ended 31 December 2017, of 37,70 and 37.62 cents respectively. While earnings in the electrical division have been negatively affected by the reduction in the number of large projects; decreased spending from Eskom and copper supply shortages affecting the supply of power cables, the majority of the expected decrease arises from an IFRS adjustment. This non-cash IFRS adjustment resulted from an increase in the valuation of the PUT Option Liability issued to the non-controlling interests in Eurolux, of between R9m and R11m, as compared to the R13,8m income (or decrease in valuation) in the comparative period last year. This represents a decrease in the EPS and HEPS of between 9,70 cents and 10,55 cents per share. This increase in the valuation of the PUT Option liability is primarily as a result of the increase in the price earnings ratio applicable in terms of the PUT Option. Shareholders are again cautioned that the valuation of the PUT Option Liability is sensitive to the ARB share price. ARB’s results for the six months ended 31 December 2018 are expected to be released on or about Friday, 8 February 2019. The information on which this trading update has been based has not been reviewed or reported on by the company’s auditors. Durban 30 January 2019 Sponsor Grindrod Bank Limited Date: 30/01/2019 10:20:00 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.