PSV / WINDFALL - Joint Announcement: Results of Mandatory Offer PSV HOLDINGS LIMITED WINDFALL 28 INVESTMENTS Incorporated in the Republic of South Africa PROPRIETARY LIMITED (Registration number 1998/004365/06) Incorporated in the Republic of South Africa Share code: PSV ISIN: ZAE000078705 (Registration number 2008/026282/07) ("PSV") ("Windfall") JOINT ANNOUNCEMENT: RESULTS OF MANDATORY OFFER Further to the announcements released on SENS on 14 April 2015, 15 May 2015 and 19 June 2015 and using the terms defined therein unless otherwise stated, shareholders are hereby advised that the Mandatory Offer closed at 12:00 on Friday, 3 July 2015 and shareholders are hereby advised that in terms of the Mandatory Offer, Windfall received acceptances from PSV Shareholders holding 409 273 Ordinary Shares, representing approximately 0.154% of the Ordinary Shares in issue. Prior to the Mandatory Offer, Windfall’s entire beneficial interest in PSV comprised 103 463 288 Ordinary Shares, representing 38.914% of the Ordinary Shares in issue. As a result of the Mandatory Offer, Windfall has increased its beneficial interest in PSV to approximately 39.068% of the Ordinary Shares in issue. Johannesburg 6 July 2015 Corporate and Designated Adviser to PSV Merchantec Capital Legal Adviser to Windfall Eversheds (SA) Inc Date: 06/07/2015 04:39:00 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.