Trading statement SABVEST LIMITED (Incorporated in the Republic of South Africa) Registration number 1987/003753/06 Ordinary share code: SBV and ISIN: ZAE000006417 N Ordinary share code: SVN and ISIN: ZAE000012043 (“Sabvest”) TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements, companies are required to publish a trading statement as soon as they have reasonable certainty that the financial results for the next period to be reported upon will differ by at least 20% from those of the previous corresponding period. Shareholders are advised that the unaudited results of Sabvest for the six months ended 30 June 2018 are expected to be within the following estimates: Expected Expected Reported Audited % increase 6 Months to 6 Months to 6 Months to 12 Months 30/06/2018 30/06/2018 30/06/2017 to compared to cents cents 31/12/2017 30/06/2017 cents Net asset value per share 44,8 to 47,5 5400 to 5500 3728 5085 Dividends per share 23,1 32 26 61 Headline earnings per share >100 341 to 364 119,7 1517,3 Earnings per share >100 341 to 364 119,7 1517,3 Shareholders should note that net asset value per share for the six months ended 30 June 2018 would have increased by between 47,5% to 50,2%, or between 5500 cents – 5600 cents, if the special dividend of 100 cents had not been paid in February 2018. The expected increase in net asset value for the six months to 30/06/2018 from 31/12/2017 is between 6,2% - 8,2%. The forecast financial information contained in this trading statement has not been reviewed and reported on by Sabvest’s external auditors. Sabvest’s unaudited interim financial results for the six months ended 30 June 2018 are expected to be released on the Stock Exchange News Service on or about 20 July 2018. Sandton 13 July 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 13/07/2018 12:14:00 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.