No Change Statement and Notice of Annual General Meeting AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) Ordinary share code: AXL ISIN: ZAE000221370 Hybrid instrument code: AXLP ISIN: ZAE000221388 (“Phoenix” or “the Company”) NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the integrated annual report for the year ended 30 September 2016 is available on the Company’s website at www.phoenixinvestments.co.za/#investor and is due to be distributed to shareholders on or about Monday, 3 April 2017. The integrated annual report contains no modifications to the condensed audited financial results for the year ended 30 September 2016 published on SENS on 21 December 2016. Notice is hereby given that the annual general meeting of shareholders of Phoenix will be held at 10:00 on Wednesday, 19 July 2017 at the registered office of Phoenix, being 1st Floor Grant Thornton Building, Wanderers Office Park, 52 Corlett Drive, Illovo, Johannesburg to transact the business stated in the notice of the annual general meeting, which is contained in the integrated annual report. The board of directors of the Company determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, 2008 (Act 71 of 2008), the record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at the annual general meeting is Friday, 14 July 2017. Accordingly, the last day to trade Phoenix shares in order to be recorded in the Register to be entitled to vote will be Tuesday, 11 July 2017. Johannesburg 31 March 2017 Sponsor Merchantec Capital Date: 31/03/2017 05:42:00 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.