SABVEST LIMITED - Dividend policy

Dividend policy

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/003753/06
ISIN: ZAE000006417 – ordinary shares
ISIN: ZAE000012043 – “N” ordinary shares
Share code: SBV – ordinary shares
Share code: SVN – “N” ordinary shares
(“Sabvest”)

DIVIDEND POLICY

Shareholders are advised that:

1.     This announcement does not constitute a dividend declaration or a binding commitment to
       declare any dividends at any level and is issued to share the Board's deliberations on
       Sabvest's dividend policy with shareholders.

2.     Sabvest's current dividend policy is that dividends are determined relative to Sabvest's own
       recurring cash flows from investments and services and from capital receipts that are not
       earmarked for new investments.

3.     Sabvest declared dividends of 34 cents per share relative to the 2012 financial year and has
       declared an interim dividend of 18 cents for the 2013 financial year.

4.     No dividend withholding tax (DWT) has been deducted from dividends to any shareholders
       as Sabvest has utilised Secondary Tax on Companies (STC) credits carried forward as
       allowed under the transition arrangements from STC to DWT.

5.     After the transition period, most of Sabvest's shareholders will be subject to DWT.

6.     The Board is accordingly of the view that it is in the interests of shareholders that it should
       make best endeavours to utilise some or all of the current unutilised STC credits of 312
       cents per share before the expiry of the transition period on 31 March 2015 by realising
       some portfolio assets or raising debt to pay special and/or advance dividends in addition to
       normal dividends, subject to the approval of its bankers and the appropriateness of any
       realisations made or debt raised.

Sandton
29 October 2013

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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