Trading statement PEREGRINE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1994/006026/06) Share code: PGR ISIN: ZAE000078127 (“Peregrine”) TRADING STATEMENT Shareholders are advised that – 1 ongoing segmental headline earnings per share (“ongoing HEPS”) (which metric was introduced in the financial results for the year ended 31 March 2019) for the six months ended 30 September 2019 (“the current period”) are likely to be between 10% to 15% higher (being between 6.9 and 10.3 cents per share higher) than the ongoing HEPS for the six months ended 30 September 2018 (“the comparative period”) (being 68.8 cents per share). For such purposes, ongoing HEPS for the comparative period excludes the earnings referred to in 2.1 and 2.2 below); and 2 as a consequence of the results for the comparative period having included – 2.1 the six-month earnings from the Broking & Structuring business (which was disposed of with effect from 1 October 2018) amounting to R77 million; and 2.2 the one-time performance fee, amounting to £3 million (R58 million), received by Stenham Limited (arising from the disposal of a property which formed part of the property portfolios sold to Stenprop Limited in 2014), headline earnings per share (“HEPS”) and basic earnings per share (“EPS”) for the current period are likely to be between 35% to 45% lower (being between 45.1 and 57.9 cents per share lower) than the HEPS and the EPS for the comparative period (being 128.7 cents per share). The information on which this trading statement is based has not be reviewed or reported on by Peregrine’s auditors. Peregrine’s unaudited interim results for the six months ended 30 September 2019 will be published on or about 13 November 2019. 11 October 2019 Joint sponsor Joint independent sponsor Java Capital Deloitte & Touche Sponsor Services (Pty) Ltd Date: 11/10/2019 07:15:00 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.