Director's Intention in respect of the Rights Offer SEARDEL INVESTMENT CORPORATION LIMITED (Incorporated in the Republic of South Africa) Registration number: 1968/011249/06 N-Shares share code: SRN; Ordinary Shares share code: SER ISIN: ZAE000030144; ISIN: ZAE000029815 (“Seardel” or “the Company”) ANNOUNCEMENT OF DIRECTORS’ INTENTION IN RESPECT OF THE RIGHTS OFFER Seardel’s financial year end is 31 March, and as such Seardel is entering into a closed period from Monday, 31 March 2014. Seardel shareholders are referred to the SENS announcement and circular, dated 24 February 2014, setting out the full details of the renounceable rights offer to Seardel shareholders (“Rights Offer”) which opens on Monday, 7 April 2014. Due to the Rights Offer falling within a closed period, the directors, in terms of the JSE Listings Requirements, are required to make the decision to follow or sell their rights prior to the commencement of the closed period. The directors have elected as follows: - Mr S Queen will sell his rights in respect of all his Seardel shares; - Mr G Wege will follow his rights in respect of 437 500 Seardel shares and will sell the balance of his rights; - Mr D Duncan will follow his rights in respect of 937 500 Seardel shares and will sell the balance of his rights; and - Mrs C Philip, the representative of the company secretary, will follow all her rights in respect of her Seardel shares. Cape Town 28 March 2014 Sponsor Investec Bank Limited Date: 28/03/2014 01:45:00 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.