Trading statement and update to Sabvest shareholders SABVEST LIMITED (Incorporated in the Republic of South Africa) Registration number 1987/003753/06 ISIN: ZAE000006417 Ordinary shares ISIN: ZAE000012043 N Ordinary shares (“Sabvest” or “the Company”) TRADING STATEMENT AND UPDATE TO SABVEST SHAREHOLDERS Trading Statement Shareholders are advised that the financial results of Sabvest for the twelve months ending 31 December 2017 are expected to be as follows: Expected 12 months Expected 12 months Audited 12 months to 31 December to 31 December to 31 December 2017 2017 2016 % increase cents cents Net asset value per +35,2% 5 040 3 728 share Headline earnings per >100% 1 498 119,7 share Earnings per share >100% 1 498 119,7 Sabvest will publish a further trading statement with expected ranges for each metric after the year-end once the expected results can be calculated relative to the year-end exchange rates and valuations. The forecast financial information contained in this trading statement has not been reviewed and reported on by Sabvest’s external auditors. The Company’s audited financial results for the year ending 31 December 2017 are expected to be released on the Stock Exchange News Service (“SENS”) towards the end of February 2018. Update to Sabvest shareholders The expected increases arise primarily as a result of positive fair value adjustments pursuant to the disposals by SA Bias Industries (Pty) Limited, Sabvest’s largest investee company, of its International Trimmings and Labels (“ITL”) divisions for a cash consideration of approximately $186,9m (R2,3bn at current prevailing exchange rates), being R165m ($13,4m) for ITL South Africa (Pty) Limited and $173,5m (R2,1bn) for the ITL International division, to a consortium of investors led by Mr Peter Gain. The effective date of the disposals is 31 December 2017. Sabvest has undertaken to invest directly in the new ITL group and a separate announcement in this regard has been released on SENS by Sabvest today, providing information to shareholders in terms of the JSE Limited Listings Requirements. Sandton 2 January 2018 Financial adviser and sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 02/01/2018 09:09:00 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.