Updated Trading Statement And Restatement Of Prior Year Interim Results HULISANI LIMITED Incorporated in the Republic of South Africa (Registration number: 2015/363903/06) Share code: HUL ISIN: ZAE000212072 (“Hulisani” or “the Company”) UPDATED TRADING STATEMENT AND RESTATEMENT OF PRIOR YEAR INTERIM RESULTS In terms of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will differ by 20% or more from the financial results for the previous corresponding period. For purposes of this trading statement, it is necessary to compare the loss per share and the headline loss per share for the six-month period ended 31 August 2019 to the restated figures for the six-month period ended 31 August 2018 as set out below. Accordingly, and further to the trading statement released on SENS on 8 November 2019, the Company hereby advises that a reasonable degree of certainty exists that for the six months ended 31 August 2019: - Headline loss per share will be between 15.4 cents and 17.6 cents, representing an improvement of between 20% and 30% compared to the restated headline loss per share of 22 cents for the six months ended 31 August 2018; and - Loss per share will be between 16.1 cents and 18.4 cents, representing an improvement of between 20% and 30% compared to the restated loss per share of 23 cents for the six months ended 31 August 2018. RESTATEMENT OF PRIOR YEAR INTERIM RESULTS In the current period it was identified that an existing written put option (the “Put Option”) was not considered when accounting for an investment in GRI Wind Steel South Africa (Pty) Ltd (“GRI”). This Put Option obliges GRI Renewable Industry, S.L., Hulisani’s co-shareholder and the majority shareholder in GRI, to acquire all (and not a portion) of Hulisani’s shares in GRI, which provides significant downside protection on the investment for Hulisani. Accordingly, the initial accounting treatment of GRI as ‘an equity investment in associate’ was not correct. The equity investment in GRI has therefore been derecognised and a derivate financial asset has been recognised. The derivative financial asset is held at fair value with gains and losses relating to the fair value measurement recognised through profit and loss. As a result of the adjustment, loss per share and headline loss per share for the six month period ended 31 August 2018 have been restated. The restatement has resulted in an improvement in loss per share and headline loss per share of 20 cents per share. Previously reported Restated results results 31 August 2018 31 August 2018 cents cents Loss per share 43 23 Headline loss per share 42 22 The financial information on which this trading statement is based has not been reviewed or reported on by the auditor of the Company. The results for the six months ended 31 August 2019 are expected to be published on or about 26 November 2019. Johannesburg 25 November 2019 Sponsor PSG Capital Date: 25-11-2019 11:00:00 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.