Update on Listing ACSION LIMITED Incorporated in the Republic of South Africa Registration number 2014/182931/06 Share code: ACS ISIN: ZAE000198289 (“Acsion” or “the Company”) UPDATE ON LISTING Reference is made to the abridged pre-listing statement (“pre-listing statement”) of the company released on the Stock Exchange News Service on Tuesday, 25 November 2014 detailing the proposed listing of Acsion shares (“Listing”) on the main board of the securities exchange operated by the JSE Limited (“JSE”). Acsion has confirmed to the JSE that the Restructure Transaction referred to in the pre-listing statement has been implemented. The Listing will take effect from Tuesday, 9 December 2014. The board of directors of Acsion has, in spite of significant interest to participate in the Private Placing of Acsion shares referred to in the pre-listing statement, decided not to proceed with the Private Placing and accordingly the Listing will proceed by way of an introduction of the Company’s shares on the main board of the securities exchange operated by the JSE. Acsion’s exceptionally low gearing of 7% provides significant headroom for additional funding which is sufficient to fund the Company’s medium term growth. UPDATE ON LITIGATION STATEMENT IN THE PRE-LISTING STATEMENT Subsequent to the publication of the pre-listing statement, a former shareholder of one of the Company’s subsidiaries, Golden Falls Trading 125 Proprietary Limited (“Golden Falls”), served a summons on inter alia Ioleni Holdings Proprietary Limited (“Ioleni Holdings”), which is also a subsidiary of the Company. The relief sought by the former shareholder is the return to the former shareholder of the shares in Golden Falls which the former shareholder sold to Ioleni Holdings and others in 2009 (the “Claim”). At the time the shares concerned comprised 25% of the issued shares in Golden Falls. The Company has consulted with counsel who have advised, based on the information made available to them, that the Claim does not have a reasonable prospect of success. The Claim is therefore not expected to have a material effect on the Listing or the financial position of the Company. 3 December 2014 Johannesburg Sponsor Investec Bank Limited Attorneys Read Hope Phillips Thomas & Cadman Inc. Independent reporting accountants and auditors Ernst and Young Inc. Independent Valuer Peter Parfitt, Quadrant Properties Proprietary Limited Communications Advisor Instinctif Partners Transfer Secretaries Computershare Investor Services Proprietary Limited Date: 03/12/2014 10:45:00 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.