South Ocean Holdings Limited

(Registration number 2007/002381/06)

Incorporated in the Republic of South Africa

("South Ocean Holdings")

Share Code: SOH

ISIN: ZAE000092748

Audited Results Announcement for the year ended 31 December 2021 and

Final Dividend Declaration

South Ocean Holdings ("the Group" or "the Company") is an investment holding company, comprising two operating subsidiaries which manufacture low voltage electrical cables and which hold property for investment purposes. An extract from the audited consolidated annual financial statements is set out below:

SALIENT FEATURES

31 December 2021 Audited

31 December 2020 Audited

Percentage

Change

Revenue

R 2 001 million

R1 743 million

15%

Operating Profit

R 112.2 million

R38.1 million

194%

Earnings per share (cents)

36.93

13.25

179%

Headline earnings per share (cents)

36.81

13.32

176%

Dividend per share (cents)

9.00

3.00

200%

Tangible Net Asset Value

279.1

245.1

14%

The short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement can be found on the Company's website atwww.southoceanholdings.co.za and can be viewed at the following link:

https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOH/SOHAR2021.pdf

DIVIDEND DECLARATION

The Board has declared a final dividend of 9.00000 cents per ordinary share, which amounts to 24% of headline earnings. The dividend is declared out of income reserves of the Group. The dividend will be subject to a dividend withholding tax rate of 20% or 1.80000 cents per ordinary share. Shareholders, unless exempt or qualifying for a reduced withholding tax rate, will receive a net dividend of 7.20000 cents per ordinary share. South Ocean's tax reference number is 9341037167.

The number of ordinary shares which will be eligible for the dividend at the declaration date is 203 276 794.

The salient dates for the dividend will be as follows:

2022

Last date to trade "cum‟ dividend

Tuesday, 19 April

Shares commence trading "ex" dividend

Wednesday 20 April

Record date (date shareholders recorded in share register)

Friday,22 April

Payment date

Monday, 25 April

Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 20 April 2022 and Friday, 22 April 2022, both dates inclusive.

The unqualified audit opinion, which includes communication on key audit matters and the full details of the basis for the unqualified opinion, can be accessed by the following link:

https://southoceanholdings.co.za/Pages/Financial-Archives.asp

Copies of the full announcement may also be requested from the Company or inspected at the Company's registered office and at the offices of the sponsor, at no charge, during office hours. Any investment decision should be based on the full announcement published on SENS and on the Company's website.

For and on behalf of the Board

Henry KH Pon CA(SA)

A Smith

Chairperson

Chief Executive Officer

Johannesburg

31 March 2022

Directors: Henry KH Pon# (Chairperson), HL Li#º (Deputy Vice-Chairperson), A Smith* (Chief Executive Officer), WP Basson* (Chief Financial Officer), N Lalla#, J van Rensburg&, LL Chen&^, M Chong#, JH Yeh#, DJC Pan &@ (Alternate), SN Yeh &º (Alternate)

* Executive # Independent Non-executive & Non-executive º Taiwanese @ Brazilian ^ Hong Kong

Corporate Information

Registered Office: 12 Botha Street, Alrode 1451, P.O. Box 123738, Alrode, 1451, Telephone: +27(11) 864 1606, Telefax: +27(86) 628 9523, Website:www.southoceanholdings.co.za

Company Secretary: WT Green, 21 West Street, Houghton, 2198, P.O. Box 123738, Alrode, 1451

Sponsor: AcaciaCap Advisors Proprietary Limited, (Registration No: 2006/033725/07), 20 Stirrup Lane, Woodmead Office Park, Woodmead, 2191 (Suite #439, Private Bag X29, Gallo Manor, 2052)

Share Transfer Secretary: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Bierman Avenue, Rosebank, Johannesburg, 2196, P.O. Box 61051, Marshalltown, 2107, South Africa Telephone: +27(11) 370 5000, Telefax: +27(11) 688 5200 Website:www.computershare.com

Auditors: PricewaterhouseCoopers Inc. 4 Lisbon Lane, Waterfall City, Jukskei View, Johannesburg, 2090. Telephone: +27(12) 797 4000 Telefax +27(12) 797 5800, Website:www.pwc.co.za

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South Ocean Holdings Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 17:35:16 UTC.