Exercise Of Options By Directors In Terms Of The Deneb Long Term Incentive Scheme DENEB INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2013/091290/06) Share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Company”) EXERCISE OF OPTIONS BY DIRECTORS IN TERMS OF THE DENEB 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 Queen COMPANY OF WHICH I AM A DIRECTOR Deneb Investments Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 7 February 2017 CENTS PER SHARE 163 NUMBER OF SECURITIES TRANSACTED 378 832 TOTAL RAND VALUE OF SECURITIES R617 496.16 NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at an adjusted strike price of R0.50 (off-market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR D Duncan COMPANY OF WHICH I AM A DIRECTOR Deneb Investments Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 7 February 2017 CENTS PER SHARE 163 NUMBER OF SECURITIES TRANSACTED 110 492 TOTAL RAND VALUE OF SECURITIES R180 101.96 NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at an adjusted strike price of R0.50 (off-market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes 3. NAME OF DIRECTOR G Wege COMPANY OF WHICH I AM A DIRECTOR Deneb Investments Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 7 February 2017 CENTS PER SHARE 163 NUMBER OF SECURITIES TRANSACTED 150 000 TOTAL RAND VALUE OF SECURITIES R244 500.00 NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at a nil strike price (off-market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Listings Requirements. Cape Town 8 February 2017 Sponsor PSG Capital Date: 08/02/2017 11:30:00 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.