Trading Statement for the six months ended 31 August 2019 METTLE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2008/002061/06) JSE share code: MLE ISIN: ZAE000257622 ("Mettle” or "the Company") TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2019 In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from those of the previous corresponding reporting period. Accordingly, shareholders of the Company are advised that: • Earnings per share (“EPS”) for the six months ended 31 August 2019 is expected to be between 7.87 and 8.89 cents per share (2018: 5.08 cents per share), being an increase of between 55% and 75% from the EPS reported for the six months ended 31 August 2018; and • Headline earnings per share (“HEPS”) for the six months ended 31 August 2019 is expected to be between 9.95 and 10.88 cents per share (2018: 4.65 cents per share), being an increase of between 114% and 134% from the HEPS reported for the six months ended 31 August 2018. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s external auditors. The financial results of the Company for the six months ended 31 August 2019 are expected to be released on or about 29 November 2019. Cape Town 27 November 2019 Designated Advisor Questco Corporate Advisory (Pty) Ltd Date: 27-11-2019 03:01:00 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.