Trading statement SABVEST LIMITED (Incorporated in the Republic of South Africa) Registration number 1987/003753/06 Ordinary share code: SBV and ISIN: ZAE000006417 N Ordinary share code: SVN and ISIN: ZAE000012043 ("Sabvest") TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they have reasonable certainty that the financial results for the next period to be reported upon will differ by at least 20% from those of the previous corresponding period. Shareholders are advised that the financial results of Sabvest for the twelve months ended 31 December 2018 are expected to be within the following estimates: Expected Expected Audited 12 months 12 months 12 months to 31/12/2018 to 31/12/2018 to 31/12/2017 % increase cents cents Net asset value per share + 13,1 to + 18,0 5750 to 6000 5085 Dividends per share + 11,5 68 61 Headline earnings per share - 65,1 to 63,8 530 to 550 1517,3 Earnings per share - 65,1 to 63,8 530 to 550 1517,3 The estimated financial information as contained in this trading statement has not been reviewed and reported on by Sabvest’s external auditors. Sabvest’s audited financial results for the year ending 31 December 2018 are expected to be released on SENS early March 2019. Sandton 27 February 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 27/02/2019 03:59:00 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.