SEARDEL INVESTMENT CORPORATION LTD - Exercise of Options by Director

Exercise of Options by Director

SEARDEL INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/011249/06)
Share code: SER ISIN Code: ZAE000029815
Share code: SRN ISIN Code: ZAE000030144
('Seardel')

EXERCISE OF OPTIONS BY DIRECTOR

In compliance with Rules 3.63 - 3.74 of the JSE Limited Listing Requirements the following information regarding the off-market
exercise of options in terms of the Seardel Long Term Incentive Plan is disclosed:

Director                         :     Mr D Duncan
Designation                      :     Chief Operating Officer
Nature of transaction            :     Exercise of options
Class of securities              :     Ordinary shares - Direct Beneficial
Date of grant of options         :     18 March 2010
Date of vesting of options       :     18 March 2014
Date of exercise of options      :     20 June 2014
Number of options exercised      :     700,000
Option strike price              :     R0.00
Ordinary Share Price             :     R1.95
Total value of transaction       :     R1,365,000.00
Clearance obtained par. 3.66     :     Yes

All trades are deemed to be completed off market.

Cape Town
24 June 2014

Sponsor: Investec Bank Limited

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