BK ONE LIMITED - Amendment to agreement and the renewal of cautionary announcement

Amendment to agreement and the renewal of cautionary announcement

BK One Limited
Incorporated in the Republic of South Africa
Registration Number: 2011/008103/06
Preference Share Code: BK1P
ISIN: ZAE000161352
“BK One” or “the Company”


Amendment to agreement and the renewal of cautionary announcement

1     Introduction

      BK One preference shareholders (“Shareholders”) are referred to the announcements
      published by the Company on the Securities Exchange News Service (“SENS”) on 8
      November 2012 and 2 April 2013 (the “Previous Announcement(s)”) in which Shareholders
      were informed that the BK One had entered into an assignment and option agreement (“the
      Option Agreement”) with Isitsaba Investment Group Limited (presently K2012149573
      (South Africa) Proprietary Limited) (“IIG”).

      In terms of the Option Agreement, the Company is entitled to acquire the assets of IIG at a
      pre-determined price, should IIG not achieve certain criteria, as more fully set-out in the
      Previous Announcement.

      The Company, in consultation with IIG, continues to assess the appropriate strategy for the
      Company and its investee companies and has therefore decided, by mutual agreement
      with IIG, to extend the duration of the Option Agreement until 31 July 2013, from 30 April
      2013 as previously agreed and communicated on SENS.

2     Terms of the extension

      The terms of the Option Agreement remain unchanged except for the extension of the
      option date to 31 July 2013 from 30 April 2013.

3     Rationale for the extension

      The board of directors of the Company (“the Board”) remains firmly of the view that
      Shareholders’ value is enhanced by ultimately ensuring that the Company’s existing
      investee companies, which it is co-invested in with IIG, are managed as a single unit with a
      single, dedicated, management team. Consequently, in order to ensure that due
      consideration has been given to the various strategic alternatives available to the
      Company, the Board has decided that it is appropriate to extend the Option Agreement by
      three months.

4     Regulatory approvals and conditions precedent

      The extension is unconditional.

5     Renewal of cautionary announcement

      The Company will continue to update Shareholders, through SENS, of developments
      pertaining to IIG and the Company. Shareholders are consequently advised to continue to
      exercise caution when dealing in the Company’s securities until a further announcement is
      made.
                                                          2




Cape Town

3 May 2013




Investment Bank, Corporate Advisor and Debt   Attorneys
            Sponsor to BK One
                                                CDH
   Nedbank Capital, a division of Nedbank
                 Limited

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