CONDENSED CONSOLIDATED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018 HIGHLIGHTS

Peregrine Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1994/006026/06) Share code: PGR ISIN: ZAE000078127 ("Peregrine" or "the Group" or "the Company") CONDENSED CONSOLIDATED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018 HIGHLIGHTS - SEGMENTAL HEADLINE EARNINGS UP 4% TO R283 MILLION - ANNUITY EARNINGS FROM CONTINUING OPERATIONS UP 15% - FIRST INTERIM DIVIDEND OF 85.0 CENTS PER SHARE Introduction The six months ended 30 September 2018 could best be summarised as an emerging market risk-off sell-off with safe haven assets and geographies having outperformed riskier assets with growth potential. On the international front, there was accelerated growth in the US on the back of fiscal stimulus as well as reduced commodity demand from China, which resulted in currency depreciation against the US Dollar in many emerging markets and developing economies with Argentina, Turkey, Brazil and South Africa being amongst the worst affected. Likewise, the US Dollar was stronger against the Euro, Sterling and Yen. Locally, the South African economy slipped into a technical recession during the second quarter of 2018. The possibility of credit-rating downgrades will continue to hang over the economy well into next year with fiscal slippage and a slow-moving reform agenda likely to constrain growth over the medium-term. The recent appointment of Tito Mboweni as the new Minister of Finance represents a step forward in President Ramaphosa's administration's fight against corruption. Notwithstanding the difficult trading environment, the operating businesses in the Group increased Segmental earnings to R283 million with the continuing operations (those businesses excluding the Broking & Structuring business, which is in the process of being sold), delivering growth of 31% to R206 million. Across the continuing operations, on a Segmental basis, annuity earnings grew by 15% and accounted for 91% (2017: 75%) of the aggregate earnings. Variable and performance fee earnings decreased by 67% to R13 million mainly due to lower performance fees earned by Peregrine Capital. The contribution from offshore operations continues to play a meaningful role in diversifying Group income with 56% (2017: 38%) of the aggregate earnings from continuing operations being generated from outside of South Africa. The abovementioned annuity earnings and contribution from offshore operations relate to Segmental earnings and excludes a one-time performance fee on exit amounting to GBP3 million (R58 million) received by Stenham during the period arising out of the disposal of a property which formed part of the property portfolio sold to Stenprop in 2014 ("the ad hoc performance fee"). Financial results IFRS basic earnings and headline earnings attributable to ordinary shareholders amounted to R272 million (2017: R257 million) (+6%) with basic earnings and headline earnings per ordinary share amounting to 128.7 cents per share (2017: 122.0 cents per share) (+5%). Consistent with the prior year, in addition to providing the above IFRS earnings, Segmental earnings (referred to in the Introduction) are disclosed in more detail below. Continuing operations - Segmental Total operating revenue, which includes the ad hoc performance fee, grew by 2% to R789 million (2017: R775 million). Whilst core operating revenue grew by 5% to R704 million, performance fee related income decreased by 75% to R27 million. Investment and other income decreased by 95% due to the unbundling of the Group's proprietary assets at the beginning of the second half of the 2018 financial year. Discontinued operation - Segmental

Shareholders are referred to previous SENS announcements informing them of the disposal of the Broking & Structuring business, which disposal is subject to approval by the Competition Commission, which approval is expected to be received before the end of the 2018 calendar year. Due to the imminent disposal of the Broking & Structuring business, the Group's interest in the after tax profit has been separately presented on the face of the statement of comprehensive income for both IFRS as well as Segmental purposes as "Profit from discontinued operation (net of income tax)". As a result primarily of increased net funding revenue as well as significant foreign exchange gains on US Dollar denominated working capital, the after tax profit from the discontinued operation increased by 50% to R112 million (2017: R75 million). At a headline earnings level, this translated into an increase of 54% to R77 million (2017: R50 million), of which R21 million (2017: R11 million) relates to the notional cost of capital, which, but for the disposal of the Broking & Structuring business, would have been included as earnings in the Group Segment. Total earnings and headline earnings - Segmental Earnings and headline earnings increased by 4% to R283 million (2017: R272 million), with earnings and headline earnings per share increasing by 4% to 131.4 cents (2017: 126.0 cents). Excluding the discontinued operation, earnings and headline earnings from continuing operations increased by 31% to R206 million (2017: R157 million). Stripping out the impact of the ad hoc performance fee in the current period and the income contribution of the Group's investment in proprietary assets in the prior period, earnings and headlineearnings from continuing operations decreased by 6% to R148 million. Annexures disclosing IFRS and Segmental earnings, and the reconciliation between them, as well as a Segmental statement of comprehensive income disclosing Segmental earnings between continuing operations and the discontinued operation are available on the Group's website www.peregrine.co.za. Segmental results Substantial non-controlling interests exist in Peregrine Capital and Peregrine Securities and as such management believes that headline earnings per reportable Segment (which is the basis for the commentary below) best reflects the facts recording each Segment's specific economic benefit to the shareholders of the Group. In addition, reference to operating results are presented before tax and before non-controlling interests in the financial commentary below. Management believes that this further aids in the understanding of each Segment's profitability. Wealth Management Despite the ongoing difficult investment environment, Citadel continued to capitalise on its position as a leading private client wealth manager in South Africa, growing core revenue by 8% to R461 million. Assets under management as at 30 September 2018 grew to R50.8 billion (March 2018: R43.9 billion) with gross inflows for the current reported six months amounting to R2.2 billion (September 2017: R2.1 billion). The business remains geared toward the Rand/US Dollar rate with assets under management positively impacted by the currency weakness experienced during the latter part of the period under review. The client retention rate in the business remains strong at 97%. Headline earnings for the current reported six months increased by 21% to R114 million (2017: R94 million) with strong annuity earnings growth, effective cost controls, healthy inflows and significantly increased performance fees earned off the back of improved fund performance. Asset Management The Group's Asset Management division comprises a number of fund management businesses. The largest contributor to the division is the Group's flagship hedge fund manager, Peregrine Capital. Headline earnings for the division decreased to R13 million (2017: R42 million) primarily as a result of Peregrine Capital's reduced management fees earned off the back of a reduced asset base as well as lower performance fees earned as a result of performance deficits brought forward from the final quarter of the previous financial year. Peregrine Capital's asset base reduced to R6.7 billion at 30 September 2018 (March 2018: R7.4 billion) largely as a result of industry wide redemptions out of hedge

funds. Stenham With effect from 4 July 2017, Peregrine's shareholding in Stenham Limited increased from 90.5% to 100%. In Rand terms, headline earnings increased by over 100% to R92 million (2017: R46 million). Excluding the ad hoc performance fee in the current period as well as the contribution of the division's investment in proprietary assets in the prior period, headline earnings from operating businesses increased by 26% to R34 million (2017: R27 million). Stenham Asset Management continued to perform well with headline earnings increasing by 23% to R26 million (2017: R21 million). Total assets under management and advice have increased to $4.1 billion (March 2018: $3.7 billion), with net subscriptions materialising during the current period. Operating costs have remained well contained due to ongoing cost savings initiatives. Stenham Trustees managed to grow revenue in Sterling terms as a result of increased time charges despite closing a number of inefficient structures. In an environment of ever increasing regulatory costs, operating costs have increased. Headline earnings increased by 8% to R18 million (2017: R16 million). Advisory Java Capital's earnings were significantly impacted by the continued weak equity capital markets that have manifested from the beginning of the calendar year. As a result of the benign activity in the property sector in particular, Java Capital's headline earnings contribution decreased by 41% to R11 million (2017: R18 million). Group Earnings at a head office level decreased to negative R3 million (2018: R33 million), such amount comprising R21 million (2017: R11 million) in respect of the notional cost of capital income (see "Discontinued operation - Segmental" above), negative R24 million (2017: negative R24 million) in respect of unrecovered Group costs and Rnil (2017: R46 million) in respect of the Group's investment in proprietary assets. Issued share capital Shares in issue at 30 September 2018 amount to 226.066 million and net of 16.181 million treasury shares amounted to 209.885 million. The weighted average number of shares in issue amounted to 211.120 million. The modification to the Peregrine Holdings Limited long-term executive remuneration incentive scheme shortly before the end of the 2018 financial year from a cash-settled to an equity-settled scheme, resulted in the share buyback of 0.702 million Peregrine shares. In addition, during the period under review, in terms of Peregrine's general authority to repurchase shares, 0.557 million shares were repurchased with excess cash available and have been cancelled with effect from 10 October 2018. Dividend The directors have resolved to declare a maiden interim cash dividend of 85.0 cents per share for the six months ended 30 September 2018. The salient dates applicable to the interim cash dividend: Last date to trade cum dividend Tuesday, 5 February 2019 Trading ex dividend commences Wednesday, 6 February 2019 Record date Friday, 8 February 2019 Payment date Monday, 11 February 2019 In terms of the JSE Listings Requirements the following additional information is disclosed: 1. The ordinary cash dividend has been declared out of income reserves; 2. The local dividend tax rate is 20%; 3. The gross local dividend amount for the interim ordinary cash dividend is 85.0 cents per share for shareholders exempt from paying dividends tax; 4. The net local dividend amount for the ordinary cash dividend is 68.0 cents per share for shareholders liable to pay dividends tax; 5. The issued share capital of Peregrine is 225 508 948 shares of 0.1 cent each as at the date of this announcement; and 6. Peregrine's tax reference number is 9181924847.

Shares may not be dematerialised or rematerialised between Wednesday, 6 February 2019 and Friday, 8 February 2019, both dates inclusive. Payment of the dividend will be made to shareholders on Monday, 11 February 2019. In respect of dematerialised shares, the dividend will be transferred to the CSDP/broker accounts on Monday, 11 February 2019. Certificated shareholders' dividend payments will be deposited on or about Monday, 11 February 2019. Directorate At the annual general meeting of shareholders held on 6 September 2018, the ordinary resolutions to re-elect SA Melnick and P Goetsch as directors of Peregrine were passed by the requisite majority. In addition, the appointment of C Coward and B Tlhabanelo as directors of Peregrine were both approved by the requisite majority of votes exercised. Conclusion The Group has delivered a pleasing set of results in a challenging economic environment which we anticipate will continue for at least the remainder of the Group's financial year. Despite the tough environment we are delighted to announce that for the first time in our listed history, and in line with the direction given to shareholders at the time of the restructure and the unbundling of Sandown Capital Limited in the latter part of 2017, we will be paying an interim cash dividend. A significant focus is being placed on driving cross-business revenue and cost synergies throughout the Group which is already starting to reap benefits. In addition, appetite remains for potential acquisitions that are consistent with the cash generative nature of the businesses within the Peregrine Group. Rob Katz Chief Executive Officer Sean Melnick Non-executive Chairman Sandton 20 November 2018 Directors: SA Melnick^ (Chairman); RE Katz (CEO); C Coward (CFO); M Yachad; BC Beaver*; P Goetsch^; LN Harris#; S Sithole*; SI Stein*; B Thlabanelo* ^ Non-executive *Independent non-executive #Lead independent non-executive Company secretary and registered office: Peregrine Management Services Proprietary Limited, 6A Sandown Valley Crescent, Sandown, Sandton, 2196 (PO Box 650361, Benmore, 2010), Telephone: +27 11 722 7400 Fax: +27 11 722 7410 Transfer Secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 (PO Box 61051, Marshalltown, 2107) Joint Sponsors: Deloitte, Java Capital Condensed consolidated statement of comprehensive income Results for the Results for the six Results for the % change six months ended months ended 30 year ended 31 2017 to 30 September September 2017 March 2018 2018 2018 Re-presented Re-presented Continuing operations Operating revenue -5 788 987 828 603 1 749 797 Investment and other income -87 8 047 62 027 60 999 Total revenue -11 797 034 890 630 1 810 796 Operating expenses -3 (561 212) (580 308) (1 279 914) Profit from operations -24 235 822 310 322 530 882 Net interest received 2 125 671 2 963 Interest received 11 762 9 073 24 075 Interest paid (9 637) (8 402) (21 112) Share of profits from equity accounted investees -37 29 367 46 650 97 099 Profit before taxation 267 314 357 643 630 944 Taxation (37 758) (69 059) (112 924) Profit for the period from continuing operations -20 229 556 288 584 518 020 Discontinued operation Profit from discontinued operation (net of income tax)(1) 50 112 422 75 094 166 313

Profit for the period -6 341 978 363 678 684 333 Other comprehensive income for the period net of taxation Items that may be reclassified subsequently to profit or loss: Currency translation differences 79 904 84 359 24 898 Total comprehensive income for the period 421 882 448 037 709 231 Profit for the period attributable to : Equity holders of the company 6 277 461 261 187 513 176 Non-controlling interests -37 64 517 102 491 171 157-6 341 978 363 678 684 333 Total comprehensive income for the period attributable to : Equity holders of the company 353 720 342 557 536 783 Non-controlling interests 68 162 105 480 172 448 421 882 448 037 709 231 Basic earnings per ordinary share (cents)(2) 5 128.7 122.0 238.5 Continuing Operations 93.1 98.7 184.8 Discontinued Operation 35.6 23.3 53.7 Reconciliation of headline earnings Results for the Results for the six Results for the % change six months ended months ended 30 year ended 31 2017 to 30 September September 2017 March 2018 2018 2018 Re-presented Re-presented Profit for the period attributable to equity holders 6 277 461 261 187 513 176 Adjustment relating to earnings attributable to participating treasury shares(2) (5 746) (4 141) (9 252) Basic earnings attributable to ordinary shareholders 6 271 715 257 046 503 924 Headline earnings adjustments - - - Headline earnings(3) 6 271 715 257 046 503 924 Adjustment for discontinued operation(1) (75 109) (49 091) (113 560) Headline earnings from continuing operations(3) 196 606 207 955 390 364 Headline earnings per ordinary share (cents) 5 128.7 122.0 238.5 Continuing operations 93.1 98.7 184.8 Discontinued operations 35.6 23.3 53.7 Final cash dividend paid per ordinary share in respect of the previous year (cents) - 155.0 155.0 155.0 Final cash dividend per ordinary share declared subsequent to 31 March (cents) 10 170.0 155.0 170.0 Interim cash dividend per ordinary share declared subsequent to 30 September (cents) 85.0 - - Number of ordinary shares in issue ('000) 226 066 226 066 226 066 Treasury shares held ('000) 16 181 13 902 14 715 Weighted average number of ordinary shares in issue ('000) 211 120 210 658 211 293 1 Refer to Notes & Compliance section for additional information relating to the discontinued operation. 2 The participating treasury shares held at reporting date could potentially have a dilutive effect on conversion to ordinary shares. Diluted earnings per share has not been disclosed as the participating treasury shares have an anti-dilutive effect. 3 Annexure A, disclosing the reconciliation of IFRS and Segmental headline earnings, is available on the Group's website. Condensed consolidated statement of financial position Assets As at 30 As at 31 March September 2018 2018 Restated Non-current assets 7 219 395 6 991 182 Property, plant and equipment 106 994 121 677 Intangible assets 645 713 658 055 Investment in equity accounted investees 281 295 373 594

Investments linked to policyholder investment contracts 6 057 602 5 670 093 Deferred taxation 64 087 89 661 Financial investments 56 718 46 334 Loans and receivables 6 986 31 768 Current assets 776 138 18 679 074 Financial investments 56 063 87 174 Loans and receivables 8 160 163 863 Trade and other receivables 274 588 441 329 Amounts receivable in respect of stockbroking activities - 15 301 667 Taxation 9 321 18 318 Cash and cash equivalents 428 006 2 666 723 Assets held for resale(1) 17 841 122 - Total assets 25 836 655 25 670 256 Equity and liabilities Equity 2 482 056 2 517 853 Equity attributable to equity holders of the company 2 081 062 2 106 366 Non-controlling interests 400 994 411 487 Non-current liabilities 6 214 557 5 879 230 Policyholder investment contract liabilities 6 057 602 5 670 093 Interest-bearing borrowings(2) 119 403 170 428 Deferred taxation 9 628 9 324 Loans and other payables 27 924 29 385 Current liabilities 589 618 17 273 173 Interest-bearing borrowings(2) 245 249 305 298 Financial instrument liabilities - 31 339 Trade and other payables 312 919 777 952 Amounts payable in respect of stockbroking activities - 16 114 151 Taxation 31 450 44 433 Liabilities held for resale(1) 16 550 424 - Total equity and liabilities 25 836 655 25 670 256 1 Refer to Notes & Compliance section for additional information relating to the discontinued operation. 2 In the prior period, R253 million of the revolving credit facility with Investec Bank Limited has been reclassified from non-current to current. This reclassification had no other effect on the reported results of the Group as at 31 March 2018. Condensed consolidated statement of changes in equity Total capital and Non-controlling reserves interests Total equity 2018 Balance at 31 March 2018 2 106 366 411 487 2 517 853 Profit for the period 277 461 64 517 341 978 Other comprehensive income for the period 76 259 3 645 79 904 Transactions with owners recorded directly in equity: (379 024) (78 655) (457 679) Dividends paid(1) (358 699) (78 655) (437 354) Share-based payments 8 810-8 810 Acquisition of participating treasury shares(2) (11 870) - (11 870) Repurchase of treasury shares(3) (19 470) - (19 470) Disposal of Sandown Capital Limited shares (adjustment to prior year taxation effect)(4) 2 205-2 205 Balance at 30 September 2018 2 081 062 400 994 2 482 056

2017 Balance at 31 March 2017 3 063 188 474 851 3 538 039 Profit for the period 261 187 102 491 363 678 Other comprehensive income for the period 81 370 2 989 84 359 Transactions with owners recorded directly in equity: (331 051) (190 873) (521 924) Dividends paid (326 207) (85 801) (412 008) Share-based payments 36 165-36 165 Disposal of participating treasury shares 117 273-117 273 2015 deferred remuneration scheme 2 settlement (80 136) - (80 136) Acquisition of participating treasury shares (97 470) - (97 470) Repurchase and cancellation of shares of subsidiary 19 324 (111 832) (92 508) Subscription of shares in new subsidiary - 6 342 6 342 Additional subscription of shares in subsidiary - 418 418 Balance at 30 September 2017 3 074 694 389 458 3 464 152 Profit for the period 251 989 68 666 320 655 Other comprehensive income for the period (57 763) (1 698) (59 461) Transactions with owners recorded directly in equity: (1 162 554) (44 939) (1 207 493) Dividends paid - (162 090) (162 090) Distribution in specie (1 198 780) (32 902) (1 231 682) Disposal of Sandown Capital Limited shares (net of taxation) 27 463-27 463 Share-based payments 16 709-16 709 Disposal of participating treasury shares - - - 2015 deferred remuneration scheme 2 settlement - - - Acquisition of participating treasury shares - - - Repurchase of treasury shares (7 955) - (7 955) Repurchase and cancellation of shares of subsidiary 9 (9) - Disposal of investment in subsidiary company - (708) (708) Subscription of shares in new subsidiary - 17 766 17 766 Additional subscription of shares in subsidiary - 133 004 133 004 Balance at 31 March 2018 2 106 366 411 487 2 517 853 1 Dividends paid to equity holders of the Company relate to the 170 cents per share which was paid on Monday, 6 August 2018. 2 The Citadel 2017 deferred remuneration scheme 3 was initiated during the month of September 2017, with an effective date of 1 October 2017 and a maturity date of 31 March 2022, the terms of which provided the participants with the right to participate in an asset pool, which is settled through an attribution of profits over the service period. In this regard, 557 603 Peregrine shares, which carry participating rights, were acquired during the course of September 2018. 3 The Peregrine Holdings long-term executive remuneration incentive scheme was modified shortly before the end of the 2018 financial year from cash-settled (IAS 19) to equity-settled (IFRS 2). The modification resulted in the share buyback of 701 500 Peregrine shares, of which 351 500 shares were acquired during the course of the current period. In addition, by utilising excess cash reserves, the Company repurchased 556 748 of its shares during the course of September 2018, which shares were cancelled effective 10 October 2018. 4 As referred to in the March 2018 financial statements as well in the circular to Peregrine shareholders issued on Tuesday, 14 November 2017, following on the restructure and unbundling the Group received 10 484 314 Sandown Capital Limited shares as a result of 10 484 314 Peregrine shares (which shares were held as treasury shares) held by the Group at the unbundling record date. On 29 March 2018, the Group entered into an off-market transaction whereby it sold 10 484 314 Sandown Capital shares at R3.40 per share. The estimated tax effect thereof amounted to R8 million and was accounted for through equity. In the current period an adjustment of R2 million relating to an overprovision of taxation has been accounted for through equity. Condensed consolidated statement of cash flow For the six For the six months ended 30 months ended 30 September 2018 September 2017 Cash flow from operating activities (733 165) (282 973) Cash flow from operating activities excluding stockbroking activities 207 532 305 421 Cash flow from stockbroking activities (581 331) (235 795) Net interest and dividends received 125 458 123 675 Cash dividends paid (420 371) (412 008) Taxation paid (64 453) (64 266) Cash flow from investing activities 20 823 22 206 Net disposal of financial investments and other assets 35 324 47 365 Net purchase of property, plant and equipment (9 501) (6 708)

Net acquisitions of subsidiaries - (18 451) Net acquisition of interest in equity accounted investee companies (5 000) - Cash flow from financing activities 7 056 (420 060) Net (acquisition)/disposal of treasury shares (31 340) 19 803 Settlement of Citadel deferred remuneration scheme - (80 136) Net cash flow from equity transactions with non-controlling interest - (85 748) Loans and receivables settled/(advanced) 167 247 (61 988) Net settlement of financial liabilities (128 851) (211 991) Net decrease in cash and cash equivalents (705 286) (680 827) Cash and cash equivalents at beginning of the year 2 666 723 2 751 480 Effects of exchange rate changes on cash and cash equivalents 44 534 16 814 Cash and cash equivalents at end of the period 2 005 971 2 087 467 Presented and disclosed in the Statement of Financial Position under: Current assets 428 006 600 679 Assets held for resale (Discontinued Operation)(1) 1 577 965 1 211 685 Assets held for resale (Proprietary Assets) - 275 103 1 Refer to the Notes & Compliance section for additional information relating to the discontinued operation. 2 005 971 2 087 467 Segmental analysis For the six months ended 30 September 2018 * Interest and share of profits from equity accounted Profit from ordinary % change in headline Total revenue investees activities(1) Headline earnings earnings 2017 to 2018 Wealth and Asset Management 545 254 8 666 192 155 127 182-7 Wealth Management 490 404 4 084 157 424 113 859 21 Asset Management 54 850 4 582 34 731 13 323-68 Broking and Structuring 346 400 57 391 113 797 55 599 44 Stenham 246 966 9 587 94 605 92 357 >100 Advisory - 12 315 12 315(2) 10 591-41 Subtotal from reportable segments 1 138 620 87 959 412 872 285 729 20 Group 1 873 38 702 10 839 (3 058) >100 Total from reportable segments 1 140 493 126 661 423 711 282 671 4 Operating Businesses Continuing Operations 794 093 35 195 275 839 205 973 31 Operating Businesses Discontinued Operation 346 400 91 466 147 872 76 698 54 Broking and Structuring 346 400 57 391 113 797 55 599 44 Group(3) - 34 075 34 075 21 099 89 Proprietary Assets - - - - -100 Total from reportable segments 1 140 493 126 661 423 711 282 671 4 Non-reportable segment and reconciling items(4) 3 024 (3 703) (8 525) (10 956) Total per Consolidated statement of comprehensive income 1 143 517 122 958 415 186 271 715 6 For the six months ended 30 September 2017 (re-presented)* Wealth and Asset Management 596 248 14 280 259 488 136 360 Wealth Management 438 719 10 192 129 504 94 324 Asset Management 157 529 4 088 129 984 42 036 Broking and Structuring 329 528 24 255 82 209 38 715 Stenham 214 448 10 552 56 511 45 713 Advisory - 20 997 20 997(2) 18 057 Subtotal from reportable segments 1 140 224 70 084 419 205 238 845 Group 69 445 19 755 55 848 32 834

Total from reportable segments 1 209 669 89 839 475 053 271 679 Operating Businesses Continuing Operations 778 068 47 165 282 749 156 939 Operating Businesses Discontinued Operation 329 528 42 289 100 243 49 882 Broking and Structuring 329 528 24 255 82 209 38 715 Group(3) - 18 034 18 034 11 167 Proprietary Assets 102 073 385 92 061 64 858 Stenham 33 461 364 25 496 18 642 Group 68 612 21 66 565 46 216 Total from reportable segments 1 209 669 89 839 475 053 271 679 Non-reportable segment and reconciling items(3) 10 818 (229) (17 167) (14 633) Total per Consolidated statement of comprehensive income 1 220 487 89 610 457 886 257 046 1 Profit from ordinary activities is synonymous with profit before taxation and capital items per the condensed consolidated statement of comprehensive income. 2 Represents 50% of profit after taxation of the equity accounted investment. 3 Due to the imminent disposal of the Broking and Structuring division the Group's cost of capital recovery has been presented as part of Profit from discontinued operation (net of income tax) on the face of the IFRS Statement of Comprehensive Income as well as part of the Segmental analysis above. 4 The reconciling items relate primarily to the difference in classification of Citadel's long term 2015 deferred remuneration scheme 2 for IFRS purposes and that applied for purposes of providing information to the Chief Operating Decision Makers. The Citadel 2015 deferred remuneration scheme 2 was initiated during the 2016 financial year, the terms of which provide the participants with the right to participate in an asset pool, partly comprising of Peregrine Holdings Limited shares, which is settled through an attribution of profits over the service period (with the first application thereof being in the March 2017 financial year). The IFRS effects arise from the obligation being initially measured using the projected unit method in the year of inception. The non-reportable segment refers to the Group's seed investment, through Peregrine Securities, into the natural selection hedge fund platform which is required to be consolidated in terms of IFRS 10 but which does not meet the quantitative thresholds for determining reportable segments. There has been no impact on equity, or profit or loss. * Annexure C, disclosing the Segment statement of comprehensive income split between the continuing operations and the discontinued operation as well as the Group's proprietary assets in the prior period, is available on the Group's website. Notes & Compliance The condensed consolidated unaudited interim financial statements of the Group as at and for the six months ended 30 September 2018 comprise the company and its subsidiaries ("the Group") results and the Group's interests in equity accounted investees. Basis of preparation The condensed consolidated unaudited interim financial statements are prepared in accordance with the JSE Listings Requirements for provisional reports and the requirements of the Companies Act of South Africa. The JSE Listings Requirements require provisional reports to be prepared on a consolidated basis in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 - Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated provisional financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements as at and for the year then ended 31 March 2018. IFRS 9 - Financial Instruments and IFRS 15 - Revenue from Contracts with Customers new and revised Standards and Interpretations have been adopted in these provisional financial statements. Their adoption has not had any significant impact on the amounts reported or disclosed in these provisional financial statements. In preparing these condensed consolidated unaudited interim financial statements management made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the audited consolidated financial statements as at and for the year ended 31 March 2018. The Group's results were prepared under the supervision of C Coward CA(SA), the Group Chief Financial Officer.

These financial statements and any forward looking statements have not been reviewed or reported on by the Company's auditors, Deloitte & Touche. Discontinued operation Shareholders are referred to the announcement released on SENS on 13 June 2018 indicating that the Group had received a non-binding proposal from Legae Holdings Proprietary Limited, an entity representing certain management of Legae Securities and Peregrine Securities and a Black Economic Empowerment consortium ("the Consortium") to acquire, as one indivisible transaction, with effect from 1 October 2018: - from Peregrine SA Holdings Proprietary Limited ("Peregrine SA") its 65% shareholding in both Peregrine Securities Proprietary Limited and in Peregrine Fund Platform Proprietary Limited (collectively "Peregrine Securities"); and - from Peregrine International Holdings Limited ("PIH") its 65% shareholding in Peresec International Limited ("Peregrine Securities International"), (collectively, the "Transaction"). On 26 September 2018, shareholders were further advised that the agreements to dispose of Peregrine Securities and Peregrine Securities International to Nkholi Consolidated Investments Proprietary Limited and Peresec Holdings Limited (collectively, the "Purchasers") respectively had been executed on 26 September 2018. The disposal is subject to the fulfilment of certain suspensive conditions, set out in more detail in the announcement released on 26 September 2018, and it is anticipated that the Transaction will be implemented during the course of November 2018. The aggregate purchase price payable by the Purchasers is a minimum of R910 million comprising: - in respect of Peregrine Securities, R760 million plus 65% of the after tax profits of Peregrine Securities for the six-month period from 1 April 2018 to 30 September 2018, payable to Peregrine SA; and - in respect of Peregrine Securities International, R150 million plus 65% of the after tax profits of Peregrine Securities International for the six-month period from 1 April 2018 to 30 September 2018, payable to PIH. At 30 September 2018, the Broking and Structuring business meets the definition of a discontinued operation in terms of IFRS 5 - Non-current Assets Held For Sale and Discontinued Operations and has been presented as such in these results. The comparative consolidated statement of comprehensive income and segmental analysis have been re-presented to reflect the Broking and Structuring business as a discontinued operation. The results of the discontinued operation included in the Group's results for the period ended 30 September 2018, are detailed below: Condensed income statement from discontinued operation Results for the six Results for the six Results for the year months ended 30 months ended 30 ended 31 March September 2018 September 2017 2018 Total revenue 346 482 329 857 741 196 Operating expenses (290 076) (271 903) (647 857) Profit from operations 56 406 57 954 93 339 Net interest received 78 013 31 778 89 634 Share of profits from equity accounted investees 13 453 10 511 33 699 Profit before taxation 147 872 100 243 216 672 Taxation (35 450) (25 149) (50 359) Profit for the period from discontinued operation 112 422 75 094 166 313 Discontinued operations profit for the period attributable to: Equity holders of the company 76 698 49 882 115 645 Non-controlling interests 35 724 25 212 50 668 112 422 75 094 166 313 Discontinued operations profit for the period attributable to equity holders 76 698 49 882 115 645 Adjustment relating to earnings attributable to participating treasury shares (1 589) (791) (2 085) Discontinued operations profit attributable to ordinary shareholders 75 109 49 091 113 560 Headline earnings from discontinued operation 75 109 49 091 113 560 Basic earnings per ordinary share (cents) 35.6 23.3 53.7 Headline earnings per ordinary share (cents) 35.6 23.3 53.7 The effect of the discontinued operation on the statement of financial position of the Group is detailed below:

The assets and liabilities reflected below have been recognised at 30 September 2018 at the lower of their carrying value and fair value less costs to sell. As at 30 September 2018 Assets held for resale 17 841 122 Property, plant and equipment 13 073 Intangible assets 25 460 Investment in equity accounted investees 109 808 Deferred taxation 21 994 Loans and receivables 11 818 Trade and other receivables 83 064 Amounts receivable in respect of stockbroking activities 15 997 940 Cash and cash equivalents 1 577 965 Liabilities held for resale 16 550 424 Loans and other payables 17 329 Financial instrument liabilities 16 120 Trade and other payables 222 768 Amounts payable in respect of stockbroking activities 16 287 892 Taxation 6 315 Surplus net assets 1 290 698 Non-controlling interest (343 789) Attributable surplus net assets 946 909 The effect of the discontinued operation on the statement of cash flows of the Group is detailed below: For the six months For the six months ended 30 September ended 30 September 2018 2017 Cash flow from discontinued operation Net operating cash flows from discontinued operation (481 491) (298 793) Net investing cash flows from discontinued operation (4 830) (4 891) Net financing cash flows from discontinued operation 27 321 (414 196) Net decrease in cash and cash equivalents from the discontinued operation (459 000) (717 880) Events subsequent to reporting date Other then the disposal of Peregrine Securities and Peregrine Securities International referred to above, the directors are not aware of any other matters or circumstances arising since the end of the reporting period which significantly affect the financial position of the Group or the results of its operations. Supplementary information Applicable exchange rates Average rates Closing rates USD:ZAR 30 September 2018 13.36 14.15 31 March 2018 13.00 11.85 30 September 2017 13.19 13.50 GBP:ZAR 30 September 2018 17.76 18.45 31 March 2018 17.22 16.62 30 September 2017 17.07 18.12 This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34. The full interim report is available on Peregrine's website, at Peregrine's registered offices and upon request. Date of release of this announcement on SENS: 21 November 2018