Exercise of Share Appreciation Rights by a Director and Directors of a Major Subsidiary WORKFORCE HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 2006/018145/06) Share code: WKF ISIN: ZAE000087847 EXERCISE OF SHARE APPRECIATION RIGHTS BY A DIRECTOR AND DIRECTORS OF A MAJOR SUBSIDIARY In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of JSE Limited, the following is disclosed: Name of director: Willem Van Wyk Company: Workforce Holdings Limited Nature of transaction: Off market exercise of 750 000 share appreciation rights in respect of the employee share appreciation rights scheme (“Scheme”). The benefit attributable to the director is the difference between the average traded price over the three month period preceding the vesting date (R1.82) and the strike price (R0.50), settled by the Scheme through the award of shares at the volume weighted average price at which the Scheme was able to purchase shares on the market on the director’s behalf (“Market price”), to the value of the net after tax gain realised, amounting to 283 107 shares. Class of securities: Ordinary shares Extent of director’s interest: Direct beneficial Grant date: 1 December 2013 Vesting date: 31 December 2016 Exercise date: 8 September 2017 Market price: R1.9233 Number of securities awarded: 283 107 Total value of shares awarded: R544 499 Clearance to deal obtained: Yes Name of director: Sean Momberg Company: The Workforce Group Proprietary Limited, a major subsidiary of Workforce Holdings Limited Nature of transaction: Off market exercise of 500 000 share appreciation rights in respect of the employee share appreciation rights scheme (“Scheme”). The benefit attributable to the director is the difference between average traded price over the three month period preceding the vesting date (R1.82) and the strike price (R0.50), settled by the Scheme through the award of shares at the volume weighted average price at which the Scheme was able to purchase shares on the market on the director’s behalf (“Market price”), to the value of the net after tax gain realised, amounting to 188 738 shares. Class of securities: Ordinary shares Extent of director’s interest: Direct beneficial Grant date: 1 December 2013 Vesting date: 31 December 2016 Exercise date: 8 September 2017 Market price: R1.9233 Number of securities awarded: 188 738 Total value of shares awarded: R362 999 Clearance to deal obtained: Yes Name of director: Preshene Batohi Company: The Workforce Group Proprietary Limited, a major subsidiary of Workforce Holdings Limited Nature of transaction: Off market exercise of 50 000 share appreciation rights in respect of the employee share appreciation rights scheme (“Scheme”). The benefit attributable to the director is the difference between the average traded price over the three month period preceding the vesting date (R1.82) and the strike price (R0.50), settled by the Scheme through the award of shares at the volume weighted average price at which the Scheme was able to purchase shares on the market on the director’s behalf (“Market price”), to the value of the net after tax gain realised, amounting to 20 246 shares. Class of securities: Ordinary shares Extent of director’s interest: Direct beneficial Grant date: 1 December 2013 Vesting date: 31 December 2016 Exercise date: 8 September 2017 Market price R1.9233 Number of securities awarded: 20 246 Total value of shares awarded: R38 939 Clearance to deal obtained: Yes Name of director: Mohamed Valoria Company: The Workforce Group Proprietary Limited, a major subsidiary of Workforce Holdings Limited Nature of transaction: Off market exercise of 50 000 share appreciation rights in respect of the employee share appreciation rights scheme (“Scheme”). The benefit attributable to the director is the difference between the average traded price over the three month period preceding the vesting date (R1.82) and the strike price (R0.50), settled by the Scheme through the award of shares at the volume weighted average price at which the Scheme was able to purchase shares on the market on the director’s behalf (“Market price”), to the value of the net after tax gain realised, amounting to 20 246 shares. Class of securities: Ordinary shares Extent of director’s interest: Direct beneficial Grant date: 1 December 2013 Vesting date: 31 December 2016 Exercise date: 8 September 2017 Market price: R1.9233 Number of securities awarded: 20 246 Total value of shares awarded: R38 939 Clearance to deal obtained: Yes Name of director: Johanna Esterhuizen Company: The Workforce Group Proprietary Limited, a major subsidiary of Workforce Limited Nature of transaction: Off market exercise of 25 000 share appreciation rights in respect of the employee share appreciation rights scheme (“Scheme”). The benefit attributable to the director is the difference between the average traded price over the three month period preceding the vesting date (R1.82) and the strike price (R0.50), settled by the Scheme through the award of shares at the volume weighted average price at which the Scheme was able to purchase shares on the market on the director’s behalf (“Market price”), to the value of the net after tax gain realised, amounting to 10 123 shares. Class of securities: Ordinary shares Extent of director’s interest: Direct beneficial Grant date: 1 December 2013 Vesting date: 31 December 2016 Exercise date: 8 September 2017 Market price: R1.9233 Number of securities awarded: 10 123 Total value of shares awarded: R19 469 Clearance to deal obtained: Yes Johannesburg 14 September 2017 Designated Adviser Merchantec Capital Date: 14/09/2017 05:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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