Trading statement ANDULELA INVESTMENT HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1950/037061/06) JSE share code: AND ISIN: ZAE000172870 (“Andulela” or “the company”) TRADING STATEMENT In terms of the JSE Listings Requirements, 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 period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding period. Accordingly, shareholders are advised that Andulela expects that its headline loss and diluted headline loss for the year ended 31 December 2016 will be between 3.62 cents per share and 4.34 cents per share, being an improvement of between 79% and 75% as compared to its headline loss and diluted headline loss of 17.63 cents per share for the year ended 31 December 2015. The loss per share and diluted loss per share for the year ended 31 December 2016 will be between 60 cents per share and 64.5 cents per share, as a result of the impairment of goodwill in the current year. This represents an increase of between 147% and 166% as compared to the loss and diluted loss of 24.28 cents per share for the year ended 31 December 2015. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. The financial results for the year ended 31 December 2016 are expected to be released on or about 31 March 2017. 16 March 2017 Sponsor Java Capital Date: 16/03/2017 05:20:00 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.