Trading Update ARB HOLDINGS LIMITED (Registration number: 1986/002975/06) Share code: ARH ISIN: ZAE000109435 (“ARB” or “the company”) TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period.” Shareholders are advised that ARB expects its earnings per share (“EPS”) for the six months ended 31 December 2019, to be between 31.39 cents and 33.60 cents which is between 35% and 45% higher than the EPS reported for the six months ended 31 December 2018, of 23,25 cents. It further expects its headline earnings per share (“HEPS”) for the six months ended 31 December 2019, to be between 31.28 cents and 33.59 cents which is between 35% and 45% higher than the HEPS reported for the six months ended 31 December 2018, of 23,17 cents. The expected increase arises primarily from the effects of the non-cash IFRS adjustment arising from a decrease in the valuation of the put option liability issued to the non- controlling interest in Eurolux of between R4m and R8m, compared to the R10.6m expense (increase in valuation) for the comparative period last year. This represents an increase in EPS and HEPS of between 6,21 cents and 7,91 cents per share. This increase in the valuation of the put option liability is primarily as a result of the decrease in the price earnings ratio applicable in terms of the put option Shareholders are again cautioned that the put option liability calculations are very sensitive to movements in the share price. ARB’s results for the six months ended 31 December 2019 are expected to be released on or about Thursday, 19 February 2019. The information on which this trading update has been based has not been reviewed or reported on by the company’s auditors. Durban 3 February 2020 Sponsor Grindrod Bank Limited Date: 03-02-2020 05:20:00 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.