Updated net asset value per share as at 31 December 2018 ASTORIA INVESTMENTS LTD (Incorporated in the Republic of Mauritius) (Registration number 1297585 C1/GBL) SEM share code: ATIL.N0000 JSE share code: ARA NSX share code: ARO ISIN: MU0499N00007 ("Astoria" or "the company") UPDATED NET ASSET VALUE PER SHARE AS AT 31 DECEMBER 2018 The board of directors of Astoria (the "Board") wishes to provide the market with an update of the net asset value ("NAV") per Astoria share. As at 31 December 2018, Astoria's NAV per share was USD 1.08 (30 November 2018: USD 1.12). The NAV is unaudited and is subject to the final valuations of unlisted investments. The company expects to release the audited financial results for the year ended 31 December 2018 on or about 14 March 2019. The NAV per share of Astoria as at 31 December 2018 does not take into account the impact of the corporate actions announced on 12 December 2018, including any termination fee payable to the investment manager, transaction costs and the proposed capital payment to shareholders. Astoria's capital allocation at 31 December 2018 was 50.4% in direct equities, 41.8% in cash, 1.9% in fixed income investments and 5.9% in private equity investments. Astoria's top 10 direct listed equity positions as at 31 December 2018 were: Admiral Group PLC, Echo Polska Properties, The Blackstone Group LP, Kingswood Holdings, Mastercard Inc, Home Depot, The Walt Disney Co, JP Morgan Chase & Co, Google Inc and Johnson & Johnson. The financial information in this announcement has not been reviewed or audited by the company's auditors. Astoria has primary listings on the Stock Exchange of Mauritius and the Alternative Exchange of the JSE, and a secondary listing on the main board of the Namibian Stock Exchange. This notice is issued pursuant to SEM Listing Rules 11.3 and 11.17, and Rule 5(1) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board accepts full responsibility for the accuracy of the information contained in this announcement. 23 January 2019 JSE designated advisor Java Capital NSX sponsor Namibia Equity Brokers Mauritian company administrator Osiris International Group Date: 23/01/2019 11:15:00 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.