Trading Statement MONTAUK HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2010/017811/06) (Share code: MNK & 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 2018, the Company will report basic earnings per share of between 18.03 and 14.92 US cents, being a decrease of between 42,0% and 52,0% as compared to the prior year basic earnings per share of 31.08 US cents. Headline earnings per share is expected to be between 17.97 and 14.76 US cents, being a decrease of between 44.0% and 54.0% as compared to the prior year headline earnings per share of 32.08 US cents. Basic and headline earnings per share in the prior year included 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 current year basic and headline earnings per share includes a deferred tax expense of US$14.7 million, resulting from income utilisation of the Company’s deferred tax asset and statutory tax rate reductions in accordance with the United States 2017 Tax Cuts and Jobs Act. 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 4 May 2018. Cape Town 30 April 2018 Sponsor: Investec Bank Limited Date: 30/04/2018 07:25:00 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.