Further 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") FURTHER TRADING STATEMENT Shareholders are referred to the trading statement released on SENS on 21 August 2019 wherein AOE advised shareholders that: 1. Earnings per share ("EPS") for the year ended 30 June 2019 were expected to be between 129.5 cents and 139.5 cents per share, being an increase of between 158.5% and 178.5% from earnings of 50.1 cents per share reported by AOE for the year ended 30 June 2018; and 2. Headline earnings per share ("HEPS") for the year ended 30 June 2019 were expected to be between a loss of 3 cents per share and a profit of 7 cents per share, being a decrease of between 106% and 86% from headline earnings of 50.2 cents per share reported by AOE for the year ended 30 June 2018. AOE is now in a position to advise that EPS for the year ended 30 June 2019 will be 176.7 cents per share, being an increase of 252.7% compared to the earnings of 50.1 cents per share reported by AOE for the year ended 30 June 2018 and that HEPS for the year ended 30 June 2019 will be 44.1 cents per share, being a decrease of 12.2% compared to the headline earnings of 50.2 cents per share reported by AOE for the year ended 30 June 2018. The reason for the change in EPS and HEPS compared to what was disclosed in the trading statement released on 21 August 2019 is due to the finalisation of the review of the financial results for the year and in particular the group’s investment in SA Water Works Holding Company (RF) Proprietary Limited. The information on which this trading statement has been based has not been reviewed or reported on by AOE’s auditors. The financial results for the year ended 30 June 2019 are expected to be published on or about 30 September 2019. 25 September 2019 Sponsor Java Capital Date: 26/09/2019 07:05:00 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.