Dealings in Securities by Directors of a Major Subsidiary VUNANI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/020641/06) JSE code: VUN ISIN: ZAE000163382 ("Vunani" or "the company") DEALINGS IN SECURITIES BY DIRECTORS OF A MAJOR SUBSIDIARY In compliance with paragraphs 3.63 to 3.64 of the Listings Requirements of JSE Limited ("Listings Requirements"), the following dealings took place by directors of Vunani Securities Proprietary Limited, a major subsidiary of Vunani: Name of director L O’Shea Date of acceptance of award: 20 November 2015 Type of transaction: Acceptance of performance shares awarded in terms of the share scheme approved by shareholders on 21 July 2015* Nature of interest: Direct Number of ordinary shares: 131 179 Price: 160 cents Value of transaction: R209 886-40 Name of director JJ Roussouw Date of acceptance of award: 18 November 2015 Type of transaction: Acceptance of performance shares awarded in terms of the share scheme approved by shareholders on 21 July 2015* Nature of interest: Direct Number of ordinary shares: 188 153 Price: 160 cents Value of transaction: R301 044-80 Name of director S Moodley Date of acceptance of award: 19 November 2015 Type of transaction: Acceptance of performance shares awarded in terms of the share scheme approved by shareholders on 21 July 2015* Nature of interest: Direct Number of ordinary shares: 87 584 Price: 160 cents Value of transaction: R140 134-40 * The shares awarded will vest in 3 year if the above individuals are still employed by Vunani Limited or one of its subsidiaries and they meet the performance conditions as specified in their award letters. Clearance was obtained in terms of paragraph 3.66 of the Listings Requirements and dealing is off-market. Sandton 23 November 2015 Designated Adviser Grindrod Bank Limited Date: 23/11/2015 02:45:00 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.