Year end tranding statement Mahube Infrastructure Limited (Formerly GAIA Infrastructure Capital 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 for the period ended 28 February 2021: • the tangible net asset value ("TNAV") per share of the Company is expected to be between R10.52 and R10.73, representing a decrease of between 2.1% and 0.1% compared to the TNAV per share of R10.74 reported for the period ended 29 February 2020. The expected decrease in the TNAV over the reporting period is as a result of a decrease in the fair value of the investments held by the Company; and • earnings and headline earnings per share for the period ended 28 February 2021 are expected to be between 18.13 cents and 25.30 cents per share, being a decrease of between 74.7% and 64.7%, compared to earnings and headline earnings per share of 71.64 cents per share reported for the period ended 29 February 2020. The expected decrease in earnings is as a result of the net loss from financial assets measured at fair value and the once off fee paid in relation to the termination of the management services agreement as per the SENS announcement dated 16 April 2020. The estimate financial information on which this trading statement is based has not been reviewed and reported on by Mahube's external auditors. The financial results for the period ended 28 February 2021 are expected to be published on SENS by no later than 31 May 2021. Johannesburg 27 May 2021 Sponsor Sasfin Capital (a member of the Sasfin Group) Date: 27-05-2021 03:00:00 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.