Acceptance of options by director Erbacon Investment Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 2007/014490/06) Share code: ERB ISIN: ZAE000111571 (“Erbacon” or “the Company”) ACCEPTANCE OF OPTIONS BY DIRECTORS GRANTED IN TERMS OF THE ERBACON INVESTMENT HOLDINGS EMPLOYEE SHARE INCENTIVE SCHEME In compliance with rules 3.63 to 3.74 of the JSE Limited’s Listings Requirements, the following information is disclosed: 1. NAME OF DIRECTOR SJ Flanagan COMPANY OF WHICH I AM A DIRECTOR Erbacon Investment Holdings Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 18 000 000 TOTAL RAND VALUE OF OPTIONS R7 200 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Indirect beneficial TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR AR Langham COMPANY OF WHICH I AM A DIRECTOR Erbacon Investment Holdings Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 14 000 000 TOTAL RAND VALUE OF OPTIONS R5 600 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 3. NAME OF DIRECTOR RK Braithwaite COMPANY OF WHICH I AM A DIRECTOR Erbacon Investment Holdings Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive and Company Secretary TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 3 000 000 TOTAL RAND VALUE OF OPTIONS R1 200 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 4. NAME OF DIRECTOR CJB Vermaak COMPANY OF WHICH I AM A DIRECTOR Erbacon Investment Holdings Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 5 000 000 TOTAL RAND VALUE OF OPTIONS R2 000 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 5. NAME OF DIRECTOR PJ Zeeman MAJOR SUBSIDIARY COMPANY Civcontract Civils (Pty) OF WHICH I AM A DIRECTOR Limited STATUS: EXECUTIVE/NON-EXECUTIVEExecutive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 2 000 000 TOTAL RAND VALUE OF OPTIONS R800 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 6. NAME OF DIRECTOR WM Ric-Hansen MAJOR SUBSIDIARY COMPANY OF Armstrong Construction WHICH I AM A DIRECTOR STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 3 000 000 TOTAL RAND VALUE OF OPTIONS R1 200 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 7. NAME OF DIRECTOR F Goga MAJOR SUBSIDIARY COMPANY OF Armstrong Construction WHICH I AM A DIRECTOR STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 650 000 TOTAL RAND VALUE OF OPTIONS R260 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 8. NAME OF DIRECTOR CA da Costa MAJOR SUBSIDIARY COMPANY OF Armstrong Construction WHICH I AM A DIRECTOR STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 650 000 TOTAL RAND VALUE OF OPTIONS R260 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 9. NAME OF DIRECTOR SM Carroll MAJOR SUBSIDIARY COMPANY OF Armstrong Construction WHICH I AM A DIRECTOR STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Erbacon CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ALLOCATION 31 July 2012 DATE OF SHARE OPTION ACCEPTANCE 22 August 2012 OPTION STRIKE PRICE (CENTS) 40 NUMBER OF OPTIONS ALLOCATED 650 000 TOTAL RAND VALUE OF OPTIONS R260 000 VESTING DATES OF OPTIONS One third vests on 31 July of each year of 2015 / 2016 / 2017 PERIOD OF EXERCISE Participants have a 6 month period from the final vesting date (31 July 2017) during which time all options can be finally exercised. NATURE OF TRANSACTION Allocation of options to subscribe for ordinary shares in terms of a share incentive scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct beneficial TRANSACTION CLEARANCE OBTAINED Yes 23 August 2012 Designated adviser: PSG Capital Date: 23/08/2012 09:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.