Acceptance Of Options Granted In Terms Of The Deneb Investments Long Term Incentive Scheme 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”) ACCEPTANCE OF OPTIONS GRANTED IN TERMS OF THE DENEB INVESTMENTS LONG TERM INCENTIVE SCHEME In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: 1. 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 2,343,944 TOTAL RAND VALUE OF OPTIONS R3 515 916.00 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 2. 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 981,939 TOTAL RAND VALUE OF OPTIONS R1 472 908.50 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 3. 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 738,491 TOTAL RAND VALUE OF OPTIONS R1 107 736.50 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 4. NAME OF DIRECTOR A Ntuli 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 30,632 TOTAL RAND VALUE OF OPTIONS R45,948.00 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 5. NAME OF DIRECTOR I N Morris COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd (major subsidiary of 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 661,014 TOTAL RAND VALUE OF OPTIONS R991,521.00 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 6. NAME OF DIRECTOR F Nussbaum COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd (major subsidiary of 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 30 June 2016 OPTION STRIKE PRICE (CENTS) 150 NUMBER OF OPTIONS ALLOCATED 453,404 TOTAL RAND VALUE OF OPTIONS R680,106.00 STRIKE DATES OF OPTIONS 10% from 30 June 2017 20% from 30 June 2018 30% from 30 June 2019 40% from 30 June 2020 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 1 July 2016 Sponsor PSG Capital Date: 01/07/2016 02:45:00 Produced by the JSE SENS Department. 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