Trading Statement DENEB INVESTMENTS LIMITED Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Group”) TRADING STATEMENT In terms of section 3.4 (b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different than that of the previous corresponding period. For the year ended 31 March 2019, shareholders are advised that: • Loss per share is expected to range between 10.34 and 10.72 cents per share (2018: 1.89 cents earnings per share). o Earnings per share from continuing operations is expected to range between 4.87 and 10.29 cents per share (2018: 27.09 cents earnings per share). o Loss per share from discontinuing operations is expected to range between 15.59 and 20.63 cents per share (2018: 25.20 cents loss per share). • Headline loss per share is expected to range between 4.11 and 4.83 cents per share, representing an increase in the loss of between 11.68% and 31.25% compared to the headline loss per share of 3.68 cents reported for year ended 31 March 2018. o Headline earnings from continuing operations is expected to range between 3.63 and 7.53 cents per share (2018: 19.46 cents earnings per share). o Headline loss from discontinuing operations is expected to range between 7.74 and 12.36 cents per share (2018: 23.14 cents loss per share). The financial information on which this trading statement is based has not been reviewed or reported upon by the Group's auditors. The Group's results for the year ended 31 March 2019 are scheduled to be published on or about 24 May 2019. Cape Town 22 May 2019 Sponsor PSG Capital Date: 22/05/2019 01:35:00 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.