Change Statement and Notice of Annual General Meeting NIVEUS INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1996/005744/06) Share code: NIV ISIN: ZAE000169553 ("Niveus” or “the Company”) CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING CHANGE STATEMENT Shareholders are hereby advised that the Company’s Integrated Annual Report, encompassing the audited summarised annual financial statements for the year ended 31 March 2014, was posted to shareholders today, Friday, 26 September 2014 and save for the changes set out below contains no material modifications to the reviewed results which were published on Thursday, 22 May 2014 on SENS. These changes are highlighted in the table below: Audited Reviewed Variance Year ended 31 March 2014 2014 2014 Note R'000 R'000 R'000 Statement of financial position Assets Property, plant and equipment 1 1 023 845 1 024 408 (563) Trade and other receivables 1,2,3 295 452 295 159 293 Loans receivable 2 3 123 2 253 600 Equity Equity attributable to equity 3 1 173 574 1 173 244 330 holders of the parent Statement of profit or loss Asset impairments (6 412) (6 413) 1 Impairment of goodwill 3 - (329) 329 Earnings per share (cents) 54,1 53,8 0,3 Diluted earnings per share (cents) 52,8 52,6 0,2 Statement of cash flows Cash flows from operating activities 4 219 772 221 161 (1 389) Cash flows from investing activities 4 (235 051) (236 440) 1 389 Audited 2014 Reviewed 2014 Variance 2014 Reconciliation of headline earnings Gross Net Gross Net Gross Net Note R'000 R'000 R'000 R'000 R'000 R'000 IAS 36 impairment of goodwill 3 - - 329 329 (329) (329) The difference between the audited summarised annual financial statements and the reviewed results arise from the change in disclosure of the following items. There has not been any material change in the amounts. Note 1: Property, plant and equipment additions were reclassified to deposits under trade and other receivables. Note 2: Loans receivable were reclassified from trade and other receivables. Note 3: Certain conditions precedent were not yet fulfilled in terms of the purchase agreement pertaining to the acquisition of a non-material subsidiary on the reporting date for which the acquisition accounting were subsequently reversed. Note 4: Elimination of non-cash effect on asset additions. NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the annual general meeting of Niveus will be held on Thursday, 30 October 2014, at 11:00 at Suite 801, 76 Regent Street, Sea Point, 8005 to transact the business stated in the notice of annual general meeting. The date on which shareholders must be recorded in the share register of the Company for purposes of being entitled to attend and vote at the annual general meeting is Friday, 24 October 2014, with the last day to trade being Friday, 17 October 2014. Cape Town 26 September 2014 Sponsor: PSG Capital Proprietary Limited Date: 26/09/2014 08:00:00 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.