SUMMARISED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2018 AND DIVIDEND DECLARATION NUMBER 7

NVEST FINANCIAL HOLDINGS LIMITED AND ITS SUBSIDIARIES (Incorporated in the Republic of South Africa) (Registration number 2008/015990/06) ( NVest, the Group or the Company ) ISIN Code: ZAE000199865 JSE Code: NVE SUMMARISED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2018 AND DIVIDEND DECLARATION NUMBER 7 HIGHLIGHTS: Headline earnings increased by 6.61% to R59.53 million (2017: R55.84 million). Headline earnings per share increased to 19.66 cents per share from 18.45 cents per share in 2017. Revenue increased by 3.15% to R290.94 million (2017: R282.07 million). Net asset value increased by 7.14% to 139.09 cents per share (2017: 129.82 cents per share). Assets under management and administration increased by 14.42% to R29.7 billion as at 28 February 2018 (2017: R26 billion). Declaration of a final dividend of 6.00 cents per share (total dividend for the 2018 financial year amounts to 11 cents which represents an increase of 6.8% from the prior year). Statement of Financial Position as at 28 February 2018 Figures in Rand Audited Restated Audited 28 February 28 February 28 February 2018 2017 2016 ASSETS Non-Current Assets Property, plant and equipment 41 099 087 39 087 622 34 307 961 Investment property 308 338 397 326 181 102 297 200 000 Goodwill 87 438 936 82 604 170 82 604 170 Trade and other receivables - 9 686 370 - Investments in associates 150 100 150 100 150 100 Other financial assets 484 957 467 126 145 000 Operating lease asset 7 654 398 7 579 681 6 265 170 Deferred tax 1 909 073 870 723 602 520 447 074 948 466 626 894 421 274 921 Current Assets Other financial assets 31 008 508 10 348 526 9 511 790 Loans to shareholders 120 381 589 339 694 991 Operating lease asset 1 153 480 962 330 1 174 062 Current tax receivable 1 088 576 738 989 1 031 886 Trade and other receivables 30 807 328 15 671 400 12 408 060 Cash and cash equivalents 125 818 709 115 451 178 132 368 716 189 996 982 143 761 762 157 189 505 Total assets 637 071 930 610 388 656 578 464 426

Figures in Rand Audited Restated Audited 28 February 28 February 28 February 2018 2017 2016 EQUITY AND LIABILITIES EQUITY Equity Attributable to Equity Holders of Parent Share capital 324 779 200 324 779 200 324 779 200 Reserves 4 874 481 3 866 845 1 452 097 Retained earnings 91 437 240 64 360 955 34 925 335 421 090 921 393 007 000 361 156 632 Non-controlling interest 2 053 817 2 310 826 5 055 211 423 144 738 395 317 826 366 211 843 LIABILITIES Non-Current Liabilities Deferred tax 15 724 829 16 164 693 11 578 535 Other financial liability 142 233 919 146 296 862 157 141 541 157 958 748 162 461 555 168 720 076 Current Liabilities Other financial liabilities 11 819 600 26 368 002 15 400 000 Loans from group companies - - 116 667 Current tax payable 158 166 62 101 186 538 Provisions 500 000 - - Trade and other payables 43 490 678 26 179 172 27 829 302 55 968 444 52 609 275 43 532 507 Total Liabilities 213 927 192 215 070 830 212 252 583 Total Equity and Liabilities 637 071 930 610 388 656 578 464 426

Statement of Profit or Loss and Other Comprehensive Income Figures in Rand Year Audited 28 February 2018 Year Restated 28 February 2017 Revenue 290 942 740 282 066 249 Cost of sales (111 187 866) (107 425 200) Gross profit 179 754 874 174 641 049 Other income 1 866 616 1 651 849 Fair value adjustments (491 867) 7 441 269 Operating expenses (93 731 632) (89 591 468) Operating profit 87 397 991 94 142 699 Investment revenue 10 142 755 9 548 125 Finance costs (15 453 865) (16 816 225) Income from associates 942 735 881 100 Profit before taxation 83 029 616 87 755 699 Taxation (22 898 709) (25 687 600) Profit for the year ended 60 130 907 62 068 099 Other comprehensive income: Items that will not be reclassified to profit or loss: Gains and losses on property valuation 829 570 3 111 789 Income tax relating to items that will not be reclassified (232 279) (697 041) Total items that will not be reclassified to profit or loss 597 291 2 414 748 Total comprehensive income for the year 60 728 198 64 482 847 Profit attributable to: Equity holders of the parent 59 046 896 60 978 197 Non-controlling interest 1 084 011 1 089 902 60 130 907 62 068 099 Total comprehensive income attributable to: Equity holders of the parent 59 644 187 63 392 945 Non-controlling interest 1 084 011 1 089 902 60 728 198 64 482 847

Statement of Cash Flows Audited Audited Figures in Rand 28 February 2018 28 February 2017 Cash flows from operating activities Cash generated from operations 93 255 170 83 240 719 Interest received 9 618 541 9 201 232 Dividends received 524 214 346 893 Finance costs (15 453 865) (16 816 225) Tax paid (24 928 841) (21 898 225) Net cash generated by operating activities 63 015 219 54 074 394 Cash flows used in investing activities Purchase of property, plant and equipment (3 212 602) (3 617 844) Disposal of property, plant and equipment 25 343 398 706 Purchase of investment property - (21 663 005) Sale of investment property 17 442 190 - Purchase of subsidiary through business combination (4 500 000) - Net cash acquired in business combination 523 011 - Additional investments in current subsidiaries (2 309 188) (4 080 000) Loans advanced to group companies - (116 667) Purchase of financial assets (25 000 000) (1 158 863) Disposal of financial assets 4 342 017 - Decrease/(increase) in trade and other receivables (non-current) 9 686 370 (9 686 370) Other non-cash item (500 000) - Net cash used in investing activities (3 502 859) (39 924 043) Cash flows from financing activities Proceeds from other financial liabilities - 2 241 138 Repayment of other financial liabilities (18 611 345) (2 117 815) Proceeds from shareholders loan 468 958 117 851 Repayment of shareholders loan - (12 199) Dividends paid (30 274 172) (30 576 914) Dividends paid to non-controlling interests (728 270) (719 950) Net cash used in financing activities (49 144 829) (31 067 889) Total cash movement for the year 10 367 531 (16 917 538) Cash at the beginning of the year 115 451 178 132 368 716 Total cash at end of the year 125 818 709 115 451 178

Statement of Changes in Equity Share Total based attributable Revaluation Retained Noncontrolling Share capital payment Total to equity Total reserve income reserve reserves holders of equity interest Figures in Rand the Group Balance at 1 March 2016 324 779 200 1 452 097-1 452 097 34 925 335 361 156 632 5 055 211 366 211 843 Profit for the year - - - - 60 978 197 60 978 197 1 089 902 62 068 099 Other comprehensive income - 2 414 748-2 414 748-2 414 748-2 414 748 Total comprehensive income for the year - 2 414 748-2 414 748 60 978 197 63 392 945 1 089 902 64 482 847 Acquisition from non-controlling interest - - - - (965 663) (965 663) (3 114 337) (4 080 000) Dividends - - - - (30 576 914) (30 576 914) (719 950) (31 296 864) Total contributions by and distributions to owners of company recognised directly in equity - - - - (31 542 577) (31 542 577) (3 834 287) (35 376 864) Balance at 1 March 2017 324 779 200 3 866 845-3 866 845 64 360 955 393 007 000 2 310 826 395 317 826 Profit for the year - - - - 59 046 896 59 046 896 904 010 59 950 906 Other comprehensive income - 597 291-597 291-597 291-597 291 Total comprehensive income for the year - 597 291-597 291 59 046 896 59 644 187 904 010 60 548 197 Share option expense - - 410 345 410 345-410 345-410 345 Acquisition from non-controlling interest - - - - (1 696 439) (1 696 439) (612 749) (2 309 188) Other - - - - - - 180 000 180 000 Dividends - - - - (30 274 172) (30 274 172) (728 270) (31 002 442) Total contributions by and distributions to owners of company recognised directly in equity - - 410 345 410 345 (31 970 611) (31 560 266) (1 161 019) (32 721 285) Balance at 28 February 2018 324 779 200 4 464 136 410 345 4 874 481 91 437 240 421 090 921 2 053 817 423 144 738

SEGMENT ANALYSIS The following information relates to segment financial information of the group: 2018 Profit Revenue before tax Assets Liabilities Segments: Insurance broking 18 734 067 3 122 351 9 466 754 2 098 653 Wealth management 221 080 433 60 044 057 104 701 466 49 544 393 Administration of estates and trusts 3 396 941 1 060 710 3 666 243 1 370 390 Property services 55 809 585 8 146 002 372 011 441 287 753 474 Investments 56 724 801 48 797 638 325 648 652 1 837 263 Intercompany eliminations (64 803 087) (38 141 142) (178 422 626) (128 677 101) 2017 290 942 740 83 029 616 637 071 930 213 927 192 Revenue Profit before tax Assets Liabilities Segments: Insurance broking 16 481 791 2 938 385 8 930 913 1 908 533 Wealth management 213 599 772 59 242 686 74 472 774 27 438 614 Administration of estates and trusts 2 876 360 710 926 2 780 163 1 248 021 Property services 57 084 225 17 020 856 392 836 383 313 546 236 Investments 50 262 838 45 582 447 309 052 404 923 023 Intercompany eliminations (58 238 737) (37 739 601) (177 683 981) (129 993 597) 282 066 249 87 755 699 610 388 656 215 070 830 All the operating segments of the Group operate in South Africa. Operations are integrated and therefore not shown per geographical area. Per share information 2018 2017 Earnings per share information: Earnings per share (cents) 19,50 20,14 Headline earnings per share (cents) 19,66 18,45 Earnings attributable to equity holders of the parent 59 046 896 60 978 205 Fair value loss/(gain) adjustment of investment property 400 515 (7 318 097) Loss on disposal of fixed assets 110 117 56 010 Restatement of CGT inclusion rate - 470 498 Impairment loss on fixed assets 44 463 - Tax effect (70 470) 1 655 190 59 531 521 55 841 806 Weighted average number of shares 302 741 722 302 741 722 Net asset value per share: Net asset value per share (cents) 139,09 129,82 Net tangible asset value per share (cents) 110.21 102,53 Shares in issue at 28 February 2017 302 741 722 302 741 722

BASIS OF PREPARATION AND ACCOUNTING POLICIES The accounting policies and method of measurement and recognition applied in the preparation of these summarised audited consolidated provisional results are in terms of International Financial Reporting Standards ( IFRS ) and are consistent with those applied in the audited annual financial statements for the previous year ended 28 February 2017. The summarised audited consolidated provisional results are prepared in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports and the requirements of the Companies Act, 71 of 2008. The summarised audited consolidated provisional results are presented in terms of the minimum disclosure requirements set out in International Accounting Standards ( IAS ) 34 Interim Financial Reporting, as well the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council. The Group Financial Director, Frank Knox (B.Comm, B Compt (Hons)), was responsible for the preparation of the summarised audited consolidated provisional results. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the Group s external auditors. The directors of NVest ( the Board ) take full responsibility for the preparation of the provisional report. The financial information has been correctly extracted from the underlying annual financial statements. This summarised report is extracted from audited information but is itself not audited. The annual financial statements for the year ended 28 February 2018 have been audited by BDO Cape Inc. (Note: Grant Thornton Cape Incorporated merged into the BDO network on the 22 nd of February 2018 and changed its name to BDO with effect from that date). A copy of the auditor s unmodified opinion is available for inspection at the Company s registered office. This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34. The full (interim, preliminary, provisional or abridged) report is available on the issuer s website, at the issuer s registered offices and upon request www. nvestholdings.co.za. COMMENTARY Although NVest listed on the Alternative Exchange in May 2015, the Company has been in operation (through its NFB Financial Advisory business) for 33 years and continues to grow as a broad-range Financial Services Provider. The Group consists of ten wholly or majority owned subsidiaries located in Gauteng, East London, Port Elizabeth and Cape Town. The core business operations are Private Wealth Management, Stockbroking and Asset Management. The Group also includes other complementary business subsidiaries aimed at providing a holistic financial services proposition, which includes a short-term insurance brokerage, a commercial property investment portfolio and a property services business and a wills and administration of deceased estates business. This complementary collection of businesses, alongside the commercial property portfolio, provides a diverse set of income streams. The Group s longterm strategy is to become a pre-eminent independent, national financial advisory business providing a holistic and integrated client product and service proposition. This will be achieved through both organic and acquisitive growth. NVest is well positioned in terms of both capital reserves and human resources to execute against this strategy.

RESULTS The Board is pleased to report another year of solid results and steady growth in the context of challenging operating conditions. The results also reflect continued progress in terms of executing against key strategic objectives of the Group. The year on year growth is highlighted by an increase in total assets under management and administration, which grew by 14.42% to R29.7 billion (R26 billion: 2017). Revenue also increased by 3.15% to R290.94 million (R282.07 million in 2017) which is almost exclusively organic growth. Disciplined cost management remains a priority for the business. Cost of Sales have increased by 3.50% (R3.76 million) which was in line with expectation and broadly proportionate to the overall growth of the business. The increase in costs is a product of: Variable costs growing in line with revenue; Continued costs associated with the listing such as Legal, Regulatory and Compliance costs; and Operations and IT infrastructure and investment costs. Headline earnings increased to R59.53 million (2017: R55.84 million). The overall position in terms of revenue growth and the increased cost of sales translated into a profit before tax and net of fair value adjustments of R 83.52 million (2017: R 80.31 million), which represents growth of 4%. Headline earnings per share increased to 19.66 cents per share (2017: 18.45 cents per share), which represents an increase of 6.61% - despite the tough market and operating environment. The Company remains highly cash generative. Net cash from operating activities increased by 16.5% from R54.07 million in 2017 to R63.02 million for the year under review. NVest continues to hold substantial cash reserves (R125.82 million) which will be applied predominantly in acquisitions going forward to ensure a more attractive yield than what these funds currently earn on call. RESTATEMENT OF PRIOR YEAR RESULTS The results for the prior year were restated to address reclassifications within the Statement of Financial Position and Statement of Comprehensive Income. Certain reclassifications were identified pursuant to a Pro-Active Monitoring Review by the JSE and the Audit and Risk Committee identified the non-elimination of specific inter-company transactions and balances. These can be summarised as follows: - In the prior year the deposit paid for the Illovo Point property was reflected as an Investment. The true nature of this transaction is better reflected as a deposit, which has been included under trade and other receivables. - Certain inter-company eliminations were not done during 2017 and these affected trade and other receivables, trade and other payables, revenue, investment revenue and finance costs. They have been restated to reflect the inter-company eliminations. - In the prior year deferred tax assets and liabilities were netted off. Likewise, tax assets and liabilities were netted off. These have been restated and reflected separately. - Other financial liabilities were restated to reflect the short-term portion of two of the commercial notes. - Straight-line lease assets were restated to distinguish between the current and noncurrent portions.

- The investment in associate was reflected under financial assets and has been correctly restated to the correct line item. - Revenue and other income have been restated to better reflect interest and dividend income, which is considered to be revenue at a holding company level. - Equity accounted income from associates was incorrectly included under other income. - Cost of sales and operating expenses were restated as certain commissions were included under employee costs. These are now reflected under cost of sales. None of these restatements affected net profit. There was also no impact on earnings and headline earnings per share as a consequence of the restatements. The table below sets out all line items that have been impacted and which have changed as a result of the review and restatement. Restated R Previously published R Statement of Financial Position Investment - 9 686 370 Trade and other receivables (non-current) 9 686 370 - Trade and other receivables (current) 15 671 400 17 035 363 Investment in associate 150 100 100 Deferred tax (asset) 870 723 - Other financial assets 467 126 617 126 Current tax receivable 738 989 676 888 Deferred tax (liability) 16 164 693 15 293 970 Other financial liabilities (non-current) 146 296 862 155 296 862 Straight-line lease asset (non-current) 7 579 681 - Straight-line lease asset (current) 962 330 8 542 011 Other financial liabilities (current) 26 368 002 17 368 002 Current tax payable 62 101 - Trade and other payables 26 179 172 26 891 159 Provisions - 651 984 Profit or Loss Revenue 282 066 249 287 630 210 Cost of sales (107 425 200) (91 004 044) Other income 1 651 849 4 001 877 Fair value adjustments 7 441 269 7 497 278 Operating expenses (89 591 468) (113 904 054) Investment revenue 9 548 125 16 169 835 Finance costs (16 816 225) (22 635 395) Income from associates 881 100 -

PROSPECTS The Group has performed admirably during the year under review, delivering strong results in the context of particularly challenging operating conditions. A strong Rand, ongoing political uncertainties, market volatilities and weak investment confidence have all contributed to a difficult business environment. Despite these prevailing headwinds NVest continues to deliver growth in key areas including top line revenue, assets under management and administration and headline earnings. This bears testimony to the resilience of NVest s operating model and its continued relevance to the market. The Board and Management team are positive about the future prospects for the Group. The business is optimally placed in terms of capital reserves which provides a meaningful source of funding for acquisitions and the leadership team is settled, supported by a Board and governance structures that are maturing effectively. ACQUISITIONS, DISPOSALS, SHARE ISSUES AND REPURCHASES During the year under review, the Company increased its shareholding in NFB Insurance Brokers (Border) Proprietary Limited from 76.67% to 85.00% and in NFB Finance Brokers Port Elizabeth Proprietary Limited from 65.00% to 100.00%. Accordingly, NFB Finance Brokers Port Elizabeth Proprietary Limited is now a wholly owned subsidiary. Various other acquisitive opportunities were actively considered during the year and this remains a key focus within the Group s long-term strategy and ambition to become a pre-eminent, national financial services Group. There were no share issues and repurchases during the year under review. As at 28 February 2018, the Company had 302 741 722 shares in issue. BUSINESS COMBINATION On 01 June 2017 the Group, through NFB Finance Brokers Port Elizabeth Proprietary Limited, acquired 100% of the voting equity interest of Three Oaks Capital RF Proprietary Limited. Three Oaks Capital RF Proprietary Limited is principally involved in the financial and intermediary services industry. With effect from 01 December 2017 the businesses of NFB Finance Brokers Port Elizabeth Proprietary Limited and Three Oaks Capital RF Proprietary Limited were merged and amalgamated under the NFB brand. As a result of the acquisition of Three Oaks Capital RF Proprietary Limited and the subsequent merger of that business with NFB Finance Brokers Port Elizabeth Proprietary Limited, the Group has significantly increased its scale and presence in the targeted growth region of Port Elizabeth. The merger presents the opportunity to capitalise on various cost saving synergies through the business combination. Goodwill of R 4 834 766 arising from the acquisition consists largely of the synergies and economies of scale benefits expected from combining the respective operations of the entities, as well as from intangible assets which did not qualify for separate recognition. Goodwill is not deductible for income tax purposes. Fair value of assets acquired and liabilities assumed Property, plant and equipment 97 540 Other financial assets 999 Cash and cash equivalents 523 011 Current tax payable -66 166 Trade and other payables -390200 Total identifiable net assets 165 234 Goodwill 4 834 766 5 000 000

Acquisition date fair value of consideration paid Cash 4 500 000 Contingent consideration arrangement 500 000 5 000 000 Contingent consideration arrangement : Management is of the opinion that the conditions will be met and has raised the provision of R 500 000. RELATED PARTY INFORMATION As reported previously, within the prior financial year ending 28 February 2017, NVest Properties Limited ( NVP a wholly owned subsidiary), entered into an agreement with the developers of Erf no. 3 Illovo which is being developed into an office park ( Illovo Point ) by Johannesburg 2 Properties Proprietary Limited to acquire units 16 and 17 of the Illovo Point development. In 2017 NVest Financial Holdings Limited ceded R27.1 million of its cash held with Investec as a guarantee of the purchase by NVP of the two office units within Illovo Point and which will only be called upon when transfer is registered, which is expected in September 2018. NVP has issued a guarantee limited to R14.2 million for the construction of the development. NFB Finance Brokers Gauteng Proprietary Limited, along with NFB Asset Management Proprietary Limited and the Sandton branch of NVest Securities Proprietary Limited, will take up one of the office units upon completion. The building development is progressing according to schedule and is expected to be completed in the last quarter of 2018. The balance of the related party information is of a historic and repetitive nature and is fully disclosed in the audited financial statements. CHANGES TO THE BOARD OF DIRECTORS During the year under review, Mr Andrew Vincent Kent retired as an Executive Director of NVest with effect from 22 November 2017. Mr Christopher Grant Lemmon was subsequently appointed as an Executive Director of the Company, but with effect from 1 March 2018. SUBSEQUENT EVENTS The directors are not aware of any material event which occurred after the reporting date and up to the date of this report. DIVIDEND DECLARATION The Board has declared a final gross dividend (Number 7) of 6.00 cents per share for the year ended 28 February 2018. In line with our target to grow the dividend materially on a year on year basis we are pleased to confirm that the dividends declared for the 2018 financial year reflect an increase of 6.8% compared against the 2017 financial year. The dividend is declared out of income reserves. The dividend will be subject to a dividend withholding tax rate of 20% or 1.20 cents per ordinary share. Shareholders, unless exempt or qualifying for a reduced withholding tax rate, will receive a net dividend of 4.80 cents per share. NVest s tax reference number is 905398110. The number of ordinary shares in issue at the declaration date is 302,741,722.

The salient dates for the dividend will be as follows: Last date to trade cum dividend Shares commence trading ex the dividend Record date (date shareholders recorded in share register) Payment date 2018 Tuesday, 12 June Wednesday, 13 June Friday, 15 June Monday, 18 June Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 13 June 2018 and Friday, 15 June 2018, both dates inclusive. For and on behalf of the Board Anthony Godwin Chief Executive Officer Frank Knox Financial Director 25 May 2018 Executive Directors: Anthony Godwin (Chief Executive Officer) Frank Knox (Financial Director) Michael Estment Christopher Lemmon Company Secretary and Registered Office: Brendan Connellan 42 Beach Road Nahoon East London Eastern Cape (PO Box 8132, Nahoon, 5210) WEBSITE: http://www.nvestholdings.co.za/ Independent Non-executive Directors: Jonathan Goldberg (Chairman) Siviwe Kwatsha Professor Lana Weldon Non-executive Directors: Dylan Schemel Transfer Secretaries: Computershare Investor Services Proprietary Limited 70 Marshall Street Johannesburg, 2001 (PO Box 61051 Marshalltown, 2107) Designated Advisor: Arbor Capital Sponsors Proprietary Limited