Acceptance Of Options Granted In Terms Of The Deneb Investments Long Term Incentive Scheme DENEB INVESTMENTS LIMITED (previously K2013091290 (Proprietary) Limited) Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Company”) ACCEPTANCE OF OPTIONS GRANTED IN TERMS OF THE DENEB INVESTMENTS LONG TERM INCENTIVE SCHEME (“the Scheme”) In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: NAME OF DIRECTOR S A Queen COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 4 February 2015 OPTION STRIKE PRICE (CENTS) 184 NUMBER OF OPTIONS ALLOCATED 1,384,080 TOTAL RAND VALUE OF OPTIONS R2 546 707.20 STRIKE DATES OF OPTIONS 10% from 27 January 2016 20% from 27 January 2017 30% from 27 January 2018 40% from 27 January 2019 PERIOD OF EXERCISE 8 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR D Duncan COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Deneb CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 4 February 2015 OPTION STRIKE PRICE (CENTS) 184 NUMBER OF OPTIONS ALLOCATED 1,983,727 TOTAL RAND VALUE OF OPTIONS R3 650 057.68 STRIKE DATES OF OPTIONS 10% from 27 January 2016 20% from 27 January 2017 30% from 27 January 2018 40% from 27 January 2019 PERIOD OF EXERCISE 8 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR G D T Wege COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Deneb CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 4 February 2015 OPTION STRIKE PRICE (CENTS) 184 NUMBER OF OPTIONS ALLOCATED 1,097,490 TOTAL RAND VALUE OF OPTIONS R2 019 381.60 STRIKE DATES OF OPTIONS 10% from 27 January 2016 20% from 27 January 2017 30% from 27 January 2018 40% from 27 January 2019 PERIOD OF EXERCISE 8 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR I N Morris COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Deneb CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 4 February 2015 OPTION STRIKE PRICE (CENTS) 184 NUMBER OF OPTIONS ALLOCATED 817,438 TOTAL RAND VALUE OF OPTIONS R1 504 085.92 STRIKE DATES OF OPTIONS 10% from 27 January 2016 20% from 27 January 2017 30% from 27 January 2018 40% from 27 January 2019 PERIOD OF EXERCISE 8 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR F Nussbaum COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares in the share capital of Deneb CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 4 February 2015 OPTION STRIKE PRICE (CENTS) 184 NUMBER OF OPTIONS ALLOCATED 380,491 TOTAL RAND VALUE OF OPTIONS R700 103.44 STRIKE DATES OF OPTIONS 10% from 27 January 2016 20% from 27 January 2017 30% from 27 January 2018 40% from 27 January 2019 PERIOD OF EXERCISE 8 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes Cape Town 4 February 2015 Sponsor PSG Capital Date: 04/02/2015 05:00:00 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.