TRP ruling on the waiver of the requirement to make a mandatory offer Sentula Mining Limited Incorporated in the Republic of South Africa (Registration number 1992/001973/06) Share code: SNU ISIN: ZAE000107223 (“Sentula” or “the Company”) TRP RULING ON THE WAIVER OF THE REQUIREMENT TO MAKE A MANDATORY OFFER Sentula shareholders (“Shareholders”) are referred to the announcement released on the Stock Exchange News Service (“SENS”) on Wednesday, 10 February 2016, which detailed the results of the general meeting held on Wednesday, 10 February 2016 (“General Meeting”). The aforementioned announcement stated, inter alia, 61.2% of the votes of independent Shareholders (constituting 99.97% of the Shareholders eligible to vote and that voted at the General Meeting) were cast in favour of the requirement for a mandatory offer by Regarding Capital Management, on behalf of clients, and JB Private Equity Investors Partnership (“the Associated Entities”) in terms of regulation 86 (4) of the Companies Act. Shareholders are advised that the Takeover Regulation Panel (“the TRP”) has granted a ruling to waive the requirement for a mandatory offer by Associated Entities provided for in terms of section 123 of the Companies Act (“the Ruling”). The reasons for granting the Ruling are available from the TRP on request. Any interested party who wishes to lodge an appeal against the Ruling shall have five business days from the date of this announcement (i.e. until 17h00 on Friday, 19 February 2016) to do so. Such an appeal must be made in writing and addressed to the "Executive Director, Takeover Regulation Panel" at either of the following addresses: delivered by hand or If posted: If faxed: courier: The Executive Director The Executive Director The Executive Director Takeover Regulation Panel Takeover Regulation Panel Takeover Regulation Panel PO Box 91833 +27 11 642 9284 1st Floor, Building B Auckland Park Sunnyside Office Park 2006 32 Princess of Wales Terrace Parktown 2193 Woodmead 12 February 2016 Sponsor and Corporate Advisor to Sentula Questco (Pty) Ltd Date: 12/02/2016 11:29:00 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.