INQO INVESTMENTS LIMITED

INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2015

Inqo Investments Limited (Inqo or the Company) is a South Africa-based social impact company that acquires businesses that tackle poverty and the social needs of the poor and low income people at the base of the pyramid in Sub-Saharan Africa.

Inqo announces its interim financial results for the six month period ended 31 August 2015. While the results are unaudited, our auditors KPMG have performed a review of the financial information disclosed in this announcement.

CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

We are pleased to present the interim results for the half year ended 31 August 2015. Revenues for the half year period were R3 223 177 (R11 249 300 for the 12 months ended 28 February 2015). Trading in the six months being reported on is primarily from Inqo's main subsidiary, the Kuzuko Lodge for the low season winter months. Revenues in the second half of the year are expected to be substantially better.

Tourism to Africa has been adversely affected by the Ebola crisis. There are however signs of recovery as this crisis has subsided. The results for the six months reported on at Kuzuko Lodge were further affected by the decision of the South African Government to require all children travelling to and from South Africa to be in possession of unabridged birth certificates. The impact of this change in legislation was to reduce tourist inflows into South Africa by 12%. We are pleased to report that this legislation was revised effective 1 November 2015. While the new legislation remains demanding, it is proving to be more acceptable to tourists visiting South Africa as is evidenced by the very strong forward occupancies that we have at the lodge for the second half of the year.

In preparation for its ISDX Growth Market listing, Inqo has re-negotiated its financial arrangements with its banking sector funders, loan note and convertible loan note holders. We are pleased to report that as a result Inqo has further strengthened its financial position. In the six months ended 31 August 2015 write backs of R1.02 million were secured and in the full year ended 28 February 2015 write backs to the value of R14.97 million. These recoveries are reported as "Other Income" in the interim results below.

Through its subsidiary company, Spekboom Trading (Pty) Ltd, the Company is in negotiation with the Department of Environmental Affairs to obtain a re-forestation grant to extend the planting of spekboom on the Kuzuko Game Reserve beyond the current 500 acres and in the process create around 100 new jobs in the local community.

The directors would like to take this opportunity to thank all the operating staff in the group for their contribution and commitment to the group's aims.

KS Tan

Chairman

C J Bertie

Chief Financial Officer

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Statements of comprehensive income

for the six months ended 31 August 2015