Trading Statement MONTAUK HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2010/017811/06) (Share code: MNKI & ISIN: ZAE000197455) ("MNK" or "the company") TRADING STATEMENT In terms of section 3.4 (b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different than that of the previous corresponding period. Shareholders are hereby advised that a reasonable degree of certainty exists that for the year ended 31 March 2017, the Company will report basic earnings per share of between 31.13 and 30.79 US cents, as compared to the prior year basic earnings per share of 1.72 US cents. Headline earnings per share is expected to be between 32.29 and 31.56 US cents, as compared to the prior year headline earnings per share of (3.64) US cents. Basic and headline earnings per share in the current year includes a deferred tax income item in the amount of US$26.8 million that was recorded as a result of the recognition of a deferred tax asset of the same amount. The deferred tax asset relates to the Group’s net operating losses that may be utilised for set- off against future taxable income. Excluding the recognition of this deferred tax asset, the Company would have reported basic earnings per share of between 11.41 and 11.06 US cents, as compared to the prior year basic earnings per share of 1.72 US cents. Headline earnings per share reported would have been between 12.60 and 11.87 US cents, as compared to the prior year headline earnings per share of (3.64) US cents. The above information has not been reviewed or reported on by the Company`s auditors. The Company`s results are expected to be published on or about 5 May 2017. Cape Town 28 April 2017 Sponsor: Investec Bank Limited Date: 28/04/2017 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.