Trading Statement AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) Ordinary share code: AXL ISIN: ZAE000221370 Hybrid instrument code: AXLP ISIN: ZAE000221388 (“Phoenix” or “the Company”) TRADING STATEMENT In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than 20% from that of the previous corresponding period. Accordingly, a review of the financial results for the year ending 30 September 2017 by management has indicated that: - the earnings per share (“EPS”) is expected to be between 6.6 cents and 13.2 cents, reflecting a decrease of between 60% and 80% compared to the EPS of 33 cents for the year ended 30 September 2016; and - the headline earnings per share (“HEPS”) is expected to be between 6.8 cents and 13.6 cents, reflecting a decrease of between 60% and 80% compared to the HEPS of 34 cents for the year ended 30 September 2016. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. Additional information The decrease in earnings is a result of the further impact of events described in the “Condensed Audited Financial Results for the Year Ended 30 September 2016” released on SENS on 21 December 2016, an extract of which is included below. The significant change in earnings is mainly due to Stangen exiting its relationship with African Bank Limited. “DISCONTINUED OPERATIONS Stangen concluded an agreement and financial settlement with African Bank Limited and Residual Debt Services Limited in respect of its run-down credit life portfolio effective 1 April 2016. The agreement passes 100% of the risk and benefit in that credit life book to Guardrisk Life Limited (“Guardrisk”) until such time as the run-down credit life book is transferred to Guardrisk.” The transfer of the credit life portfolio to Guardrisk Life Limited (“Guardrisk”) was completed on 30 June 2017. Shareholders are advised to refer to the results announcement of 21 December 2016 and the Integrated Annual Report for the year ended 30 September 2016 for further information. Johannesburg 20 September 2017 Sponsor Merchantec Capital Date: 20/09/2017 03:25:00 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.