Exercise of Options by Directors and Directors of a Major Subsidiary DENEB INVESTMENTS LIMITED Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Company”) EXERCISE OF OPTIONS BY DIRECTORS AND DIRECTORS OF A MAJOR SUBSIDIARY In compliance with Rules 3.63 to 3.74 of the JSE Limited Listing Requirements the following information in terms of the Deneb Long Term Incentive Scheme is disclosed: Director: Mr S A Queen Designation: Chief Executive Officer Company: Deneb Nature of transaction: Exercise of options (off-market transaction) Class of securities: Ordinary shares Nature and extent of director’s interest in the transaction: Direct beneficial Date of grant of options: 14 October 2014 Date of vesting of options: 14 October 2014 Date of exercise of options: 19 December 2014 Number of options exercised: 1,734,785 Option strike price: R0.00 Share price: R2.30 Total value of options: R3,990,005.50 Clearance obtained par. 3.66: Yes Date of clearance: 15 December 2014 Director: Mr G Wege Designation: Financial Director Company: Deneb Nature of transaction: Exercise of options (off-market transaction) Class of securities: Ordinary shares Nature and extent of director’s interest in the transaction: Direct beneficial Date of grant of options: 14 October 2014 Date of vesting of options: 14 October 2014 Date of exercise of options: 19 December 2014 Number of options exercised: 375,000 Option strike price: R0.00 Share price: R2.30 Total value of options: R862,500.00 Clearance obtained par. 3.66: Yes Date of clearance: 15 December 2014 Director: Mr I N Morris Designation: Director – Subsidiary Company Company: Prima Toy and Leisure Trading (Pty) Ltd Nature of transaction: Exercise of options (off-market transaction) Class of securities: Ordinary shares Nature and extent of director’s interest in the transaction: Direct beneficial Date of grant of options: 14 October 2014 Date of vesting of options: 14 October 2014 Date of exercise of options: 19 December 2014 Number of options exercised: 103,694 Option strike price: R0.96 Share price: R2.30 Total value of options: R138,949.96 Clearance obtained par. 3.66: Yes Date of clearance: 15 December 2014 Director: Mr I N Morris Designation: Director – Subsidiary Company Company: Prima Toy and Leisure Trading (Pty) Ltd Nature of transaction: Exercise of options (off-market transaction) Class of securities: Ordinary shares Nature and extent of director’s interest in the transaction: Direct beneficial Date of grant of options: 14 October 2014 Date of vesting of options: 14 October 2014 Date of exercise of options: 19 December 2014 Number of options exercised: 128,532 Option strike price: R1.39 Share price: R2.30 Total value of options: R116,964.12 Clearance obtained par. 3.66: Yes Date of clearance: 15 December 2014 Cape Town 22 December 2014 Sponsor: PSG Capital Proprietary Limited Date: 22/12/2014 04:30:00 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.