Initial Trading Statement South Ocean Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2007/002381/06) Share code: SOH ISIN: ZAE000092748 INITIAL TRADING STATEMENT In terms of the JSE Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by at least 20% from the financial results for the previous corresponding period or a profit forecast previously provided to the market in relation to such period. Shareholders are accordingly advised that a reasonable degree of certainty exists that, for the year ending 31 December 2019: - South Ocean Holdings’ headline earnings per share is expected to be at least 20% lower when compared to the earnings per share of 3.6 cents for the corresponding prior year; and - The loss per share is expected to be at least 20% worse when compared to the loss per share of 2.0 cents for the corresponding prior year. A further trading statement will be issued in due course. The financial information on which this trading statement is based has not been reviewed or reported on by South Ocean Holdings’ external auditors. The audited results for the 12 months ending 31 December 2019 are expected to be published on or about 6 March 2020. By order of the Board Alrode 15 November 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 15/11/2019 04:55:00 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.