MAHUBE INFRASTRUCTURE LIMITED - Trading Statement

Trading Statement

 Mahube Infrastructure Limited
 (Incorporated in the Republic of South Africa)
 (Registration number: 2015/115237/06)
 ISIN: ZAE000290763
 JSE code: MHB
 ("Mahube" or the "Company")

 TRADING STATEMENT

 In terms of paragraph 3.4(b)(i) of the JSE Limited Listings Requirements, Mahube's shareholders are hereby
 advised that the Company and its directors have reasonable certainty that earnings per share and headline
 earnings per share for the six month period ended 31 August 2023 are expected to be between 45.39 cents and
 50.16 cents, being an increase of between 56.6% and 73.1%, compared to earnings per share and headline
 earnings per share of 28.99 cents reported for the previous comparable period, being the six month period
 ended 31 August 2022.

 The expected increase in earnings is primarily attributable to:
     •   a higher dividend declared by the subsidiary company Mahube Capital Fund 1 (RF) Pty Ltd. This higher
         dividend resulted from receipt of a special dividend from two of the solar photovoltaic projects in
         which Mahube is invested, following the refinancing of these projects.
     •   a favourable change in fair value of the financial assets mainly due to an upward revision in the
         previously forecasted long-term assumptions of the amount of electricity generation by one of
         Mahube's wind power plant investments.


 The financial information in this trading statement has not been reviewed and reported on by the auditors of
 the Company. Mahube's financial results for the six-month period ended 31 August 2023 will be published on
 or about 30 November 2023.

 23 November 2023

 JSE Sponsor to Mahube
 Questco Corporate Advisory Proprietary Limited

Date: 23-11-2023 10:45:00
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