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 advised
 that the Company and its directors have reasonable certainty that earnings and headline earnings per share for
 the six month period ended 31 August 2022 are expected to be between 25.95 cents and 32.00 cents per share,
 representing a decrease of between 46.9% and 56.9% compared to earnings and headline earnings per share of
 60.31 cents per share reported for the previous comparable period, being the six month period ended 31 August
 2021.

 The expected decrease in earnings is mainly a result of the lower dividend income received from the subsidiary
 company, Mahube Capital Fund 1 (RF) Pty Ltd. The lower dividend income is due to lower cash being available
 in Mahube Capital Fund 1 (RF) for dividend payments after it made payments towards redeeming some of the
 preference shares pursuant to its contractual obligations.

 The financial information in this trading statement is the responsibility of the directors of the Company and 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 2022 will be published on or about 30 November 2022.

 25 November 2022

 JSE Sponsor to Mahube

 Questco Corporate Advisory Proprietary Limited

Date: 25-11-2022 07:30:00
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