Trading Statement DENEB INVESTMENTS LIMITED Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Company”) TRADING STATEMENT In terms of the Listing Requirements of the JSE Limited, 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 upon next will differ by at least 20% from the financial results for the previous corresponding period. Deneb advises that for the six months period ended 30 September 2018 the Company expects that its financial results will be within the following ranges: 2018 2017* Cents Cents Earnings per share (EPS) 0.5 – 1.5 (6.2) Headline earnings per share (HEPS) 1.1 – 1.4 (1.5) *Shareholders are advised that the Group’s results for the comparative period have been restated to reflect the change in accounting treatment of Government Grants as disclosed in the Companies Trading Statement for the year ending 31 March 2018 (SENS announcement: 21 May 2018). The financial information on which this trading statement is based has not been reviewed or reported on by the Company`s auditors. Shareholders are further advised that the results for the six months ended 30 September 2018 are scheduled to be released by end of November 2018. Cape Town 14 November 2018 Sponsor PSG Capital Date: 14/11/2018 04:45:00 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.