Short Form Announcement - Unaudited Condensed Consolidated Interim Results for the Six Months Ended 2019 PSV HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 1998/004365/06) Share code: PSV ISIN: ZAE000078705 (“PSV” or “the Company” or “the Group”) SHORT FORM ANNOUNCEMENT - UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2019 Financial Position as at: 31 August 2019 31 August 2018 28 February 2019 Change (Unaudited) (Unaudited) (Audited) R'000 R'000 R'000 Total assets - 11.10% 105 591 118 784 103 104 Cash and cash equivalents -82.73% 1 810 10 480 6 863 Capital and reserves -19.09% 19 310 23 868 27 056 Total liabilities -0.34% 95 239 94 916 76 048 Financial Performance for the period: Unaudited Unaudited Audited 6 months ended 6 months ended 12 months ended 31 August 2019 31 August 2018 28 February 2019 R'000 R'000 R'000 Revenue 29.76% 84 379 120 130 237 533 Gross profit -27.42% 10 942 15 075 28 216 (Loss)/Profit before tax -266.74% -5 127 -1 398 -5 105 Earnings per share: Basic/(loss) earnings per share -52% -1.90 cents -1.25 cents -7.71 cents Headline earnings per share -52% -1.90 cents -1.25 cents -7.65 cents Commentary The interim period has been a period of restructuring and positioning the Group for growth going forward. This time has seen the Group consolidate its operations, raise debt funding and appoint a new board of Directors. The new empowered shareholding of DNG Energy Proprietary Limited (“DNG Energy”) has given the Group a foundation from which it can become the leading and only empowered player in the Cryogenic Gas industry in South Africa. DNG Energy has acquired 25% of the Group, resulting in PSV being more than 34% black owned. DNG Energy has acquired this shareholding in PSV as a vertical integration strategy to participate in the manufacture of cryogenic LNG ISO containers for their LNG business. DNG Energy intends to build up a fleet of LNG ISO containers as part of DNG Energy’s short-term strategy. These will be sourced and built by African Cryogenics (“AC”), providing AC with production demand and increasing the productivity of the manufacturing facility. Prospects There will be a consolidation period under new management and bedding down the capital injection, building up the order book, but subsequent to DNG Energy’s investment in PSV the Board is optimistic that the Group will grow into a leader in the South African gas industry. DNG Energy’s investment in PSV is a first step in the PSV empowerment strategy. PSV is executing its B-BBEE strategy with the goal of being a level 4 in three years with DNG’s initial investment allowing the Group to becoming one of the most renowned gas suppliers in South Africa. Dividend policy No dividends were declared or proposed (H1 2018: Nil). The Board reviews the dividend policy annually. Directors: Aldworth Mbalati – Executive Chairman, Abilio da Silva – Executive Director, Basil Mashabane – lead independent director)#*, Mr Boy Manqoba Ngubo –#*, Olivier Bernard #, Ms Yvonne Thato Moerane#* (# Non-executive / * Independent) Johannesburg 29 November 2019 Designated Adviser Merchantec Capital This short-form announcement is the responsibility of the directors. This announcement is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement can be accessed at: https://senspdf.jse.co.za/documents/2019/jse/isse/psv/interims19.pdf and can be found on the Company’s website at www.psvholdings.co.za. Copies of the full announcement may also be requested at the Company’s registered office or the office of the sponsor, Merchantec Capital, at no charge, during office hours. Any investment decision should be based on the full announcement released on SENS and published on the Company’s website. Date: 29-11-2019 05:12:00 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.