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”) NOTICE OF ANNUAL GENERAL MEETING Further to the announcement released on SENS on 31 January 2018 (“No Change Statement”), shareholders are hereby advised that the notice of annual general meeting (“the Notice”) of the Company has been distributed to shareholders today, 26 April 2018. Notice is hereby given that the 70th annual general meeting (“AGM”) of shareholders of Phoenix will be held at 10:00 on Thursday, 19 July 2018, at the office of Merchantec Capital, 2nd Floor, North Block, Hyde Park Office Tower, Corner 6th Road and Jan Smuts Avenue, Hyde Park, Johannesburg, for the purpose of considering and, if deemed fit, passing, with or without modification, the resolutions stated in the Notice. As set out in the No Change Statement, the Company’s integrated annual report for the year ended 30 September 2017, which was distributed to shareholders on 31 January 2018, is also available on the Company’s website, http://www.phoenixinvestments.co.za/. The board of directors of Phoenix has determined that, in terms of section 62(3)(a), read together with section 59 of the Companies Act, 2008 (Act 71 of 2008), as amended, the record date for the purposes of determining which shareholders of Phoenix are entitled to participate in and vote at the AGM is Friday, 13 July 2018. Accordingly, the last day to trade Phoenix shares in order to be recorded in the Register to be entitled to vote will be Tuesday, 10 July 2018. Johannesburg 26 April 2018 Sponsor Merchantec Capital Date: 26/04/2018 02:00:00 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.