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: 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 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 1,441,713 TOTAL RAND VALUE OF OPTIONS R2 047 232.46 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 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 CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 1,023,672 TOTAL RAND VALUE OF OPTIONS R1 453 614.24 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 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 CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 672,598 TOTAL RAND VALUE OF OPTIONS R995,089.16 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 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 CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 60,626 TOTAL RAND VALUE OF OPTIONS R86,088.92 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 NAME OF DIRECTOR I N Morris COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 507,633 TOTAL RAND VALUE OF OPTIONS R720,838.86 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 NAME OF DIRECTOR F Nussbaum COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 26 June 2017 OPTION STRIKE PRICE (CENTS) 142 NUMBER OF OPTIONS ALLOCATED 259,484 TOTAL RAND VALUE OF OPTIONS R368,467.28 STRIKE DATES OF OPTIONS 10% from 26 June 2018 20% from 26 June 2019 30% from 26 June 2020 40% from 26 June 2021 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 26 June 2017 Sponsor PSG Capital Date: 26/06/2017 03:00:00 Produced by the JSE SENS Department. 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