Trading statement AFRICAN & OVERSEAS ENTERPRISES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1947/027461/06) JSE share code: AOO ISIN: ZAE000000485 JSE share code: AON ISIN: ZAE000009718 JSE share code: AOVP ISIN: ZAE000000493 (“AOE”) TRADING STATEMENT In terms of the Listing Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the current reporting period will differ by at least 20% from the financial results for the previous corresponding period. Accordingly, shareholders are advised that: 1. AOE’s earnings per share are expected to improve by at least 345%, from losses per share of 18.9 cents for the six months ended 31 December 2013 to earnings per share of at least 46.3 cents for the six months ended 31 December 2014 (which amount takes into account the profit earned by AOE’s subsidiary, Rex Trueform Clothing Company Limited, in respect of the sale of one of its properties); and 2. AOE’s headline earnings per share are expected to improve by at least 233%, from headline losses per share of 23.1 cents for the six months ended 31 December 2013 to earnings per share of at least 30.7 cents for the six months ended 31 December 2014 (which amount does not take into account the profit earned by AOE’s subsidiary, Rex Trueform Clothing Company Limited, in respect of the sale of one of its properties). Shareholders are further advised that while AOE has moved to a profit making position in the current reporting period from a loss making position in the previous corresponding period, it does not have reasonable certainty to provide guidance as to either the specific percentage and numbers, or the range and numbers, to describe the difference in the financial results in such periods. Once AOE obtains reasonable certainty in this regard it will issue a further trading statement. The information on which this trading statement has been based has not been reviewed or reported on by AOE’s auditors. 23 February 2015 Sponsor Java Capital Date: 23/02/2015 11:17:00 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.