Trading statement AFRICAN AND OVERSEAS ENTERPRISES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1947/027461/06) JSE share code: AOO ISIN: ZAE000000485 JSE share code: AON ISIN: ZAE000009718 JSE share code: AOVP ISIN: ZAE000000493 ("AOE" or "the Group") TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the current reporting period will differ by at least 20% from the financial results for the previous corresponding period. Shareholders are accordingly advised that: 1. AOE's earnings per share ("EPS") is expected to increase by between 158.5% and 178.5%, from earnings of 50.1 cents per share reported by AOE for the year ended 30 June 2018 to earnings of between 129.5 cents and 139.5 cents per share for the year ended 30 June 2019; and 2. AOE's headline earnings per share ("HEPS") is expected to decrease by between 106% and 86%, from headline earnings of 50.2 cents per share reported by AOE for the year ended 30 June 2018 to a headline earnings (loss) of between (3.0) cents and 7.0 cents per share for the year ended 30 June 2019. The information on which this trading statement has been based has not been reviewed or reported on by the Group's auditors. The results for the year ended 30 June 2019 are expected to be published on or about 30 September 2019. 21 August 2019 Sponsor Java Capital Date: 21/08/2019 05:15:00 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.