Unaudited Condensed Group Interim Financial Results for the Six Months Ended 31 December 2019 AH-VEST LIMITED (Incorporated in the Republic of South Africa) (Registration number 1989/000100/06) (“AH-Vest” or “the Company”) Share code: AHL ISIN code: ZAE000129177 SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED GROUP INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 Salient Features Net revenue has increased to R93.1 million for the half year ended 31 December 2019 (HY2020), compared to R92.2 million for the half year ended 31 December 2018 (HY2019), a marginal increase of 1%. Sales for this period were flat as the business experienced some challenges with electricity supply and other operational/supply chain disruptions. Operating expenses have decreased by 6% from R31.6 million to R29.8 million from the prior period. The improvement in operating expenses is largely attributed to improved operational efficiency. Profit before taxation increased by 16.5% from R4.3 million to R5 million from the prior period. This was due to the improvement in sales of higher margin products as well as cost containment. Profit after taxation increased by 16.5% from R3.1 million to R3.6 million from the prior period. Extracted from the unaudited group interim financial results for the six months ended 31 December 2019. Unaudited Unaudited 6 Months 6 Months 31 Dec 2019 31 Dec 2018 R R Revenue 93,124,573 92,184,215 Operating Profit 6,762,553 5,603,182 Earnings per share 3.51 3.01 Headline earnings per share 3.51 3.09 Going Concern The interim financial statements have been based on accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. Whilst we are aware that the COVID-19 situation is evolving, we have a robust business model and are confident that the business will be able to withstand this disruption having, in anticipation, already taken proactive measures to minimise costs and maximise production into the period of the lockdown as our customers remain open for business in this difficult period. We are in touch with our suppliers to make sure that we keep costs under control to avoid any disruptive price increases along the supply chain. The focus is on the management of our cash resources and maintaining liquidity in the business. Management is continuously reviewing the order well and ensuring that orders are satisfied as much as possible. Management continues to assess the impact of COVID-19 on the business and adapting its activities accordingly while adhering to the latest guidelines issued by the government. Subsequent Events On the 15th of March 2020, the President of the Republic of South Africa declared the COVID-19 outbreak a national disaster. Further to this, the President then announced a mandatory lock down for 21 days except for essential services from midnight on the 26 March 2020 to the 16th April 2020. Food manufacturing has been classified as an essential service exempted from the lockdown, and the business is continuing with its manufacturing activities. The business has activated its disaster management procedures and has implemented enhanced food, employee and visitor safety protocols in order to operate under the threat of the COVID-19 conditions. Management has endeavoured to ensure that the supply chain into the business remains operational to sustain production throughout the lockdown period and is in constant communication with suppliers to ensure uninterrupted supply. As a key player in the food chain of South Africa’s food and FMCG market, the business is focused on ensuring continued availability of our products with minimal disruption to our operations. Management applauds the pro-active and swift decision taken by the South African government to enforce a 21-day nationwide lockdown and the relevant legislation and regulations that have been promulgated to support the enforcement. Changes to the Board Following Mr Ismail Darsot’s decision to retire as Chief Executive Officer with effect from 24 January 2020, Mr Muhammed Naasif Darsot, an executive director of the Company since 2012 and the Sales and Marketing Director of the Darsot Group was appointed as CEO with effect from 24 January 2020. Mr Ismail Darsot continues to hold the position of Executive Chairman. Short-Form Announcement The short-form announcement is the responsibility of the board of directors of AH-Vest and is only an extract of the information contained in the Unaudited Condensed Group Interim Financial Results for the Six Months Ended 31 December 2019. This announcement does not contain full or complete details of the financial results. Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement which stakeholders are encouraged to review. The full announcement is available on the Company’s website (www.alljoy.co.za) and on the JSE Website: https://senspdf.jse.co.za/documents/2020/JSE/ISSE/AHL/AHLHY20.pdf Copies of the full announcement may be requested from the Company (ChrisS@alljoy.co.za) or inspected at the registered office and/or the Designated Advisors’ office, at no charge, during office hours. Johannesburg 30 March 2020 Executive Directors: IE Darsot (Chairman); MNI Darsot (CEO); BI Darsot; SI Darsot; R Darsot; MT Pather; C Sambaza Non-Executive Directors: H Takolia*; MS Appelgryn*; J Du Plooy* U Speirs* (*independent) Registered address: 15 Misgund Road, Eikenhof, Johannesburg Designated Advisor: Arbor Capital Sponsors Transfer Secretaries: Computershare Investor Services (Pty) Ltd Company Secretary: Light Consulting (Pty) Ltd t/a Arbor Capital Company Secretarial Designated Advisor Arbor Capital Sponsors Date: 30-03-2020 08:10:00 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. 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