Update on Consent Request Dated 25 June 2018 Imperial Group Limited (Incorporated in the Republic of South Africa) (Registration No. 1983/009088/06) Company code: IMG (“the Issuer”) UPDATE ON CONSENT REQUEST DATED 25 JUNE 2018 1. The Issuer refers to the notice entitled “Notice of Request for Written Consent of Noteholders” dated 25 June 2018 (the Consent Request Notice) given to each holder of Notes (the Noteholders) issued under the Imperial Group Limited ZAR10,000,000,000 Domestic Medium Term Note Programme (the Programme) established pursuant to a programme memorandum dated 22 September 2010 (the Programme Memorandum) in terms of Condition 19 (Notices) of the section headed “Terms and Conditions of the Notes” in the Programme, for purposes of obtaining the Noteholders’ written consent to bring forward the Maturity Date to 6 August 2018 (the Amended Maturity Date) for each of the Outstanding Notes under the Programme, with stock codes IPL8, IPL9, IPL10 and IPL11 respectively, and to deregister and delist the Programme from the Interest Rate Market of the JSE Limited after the Amended Maturity Date. 2. Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Consent Request Notice. 3. The Issuer hereby confirms that it will redeem all Outstanding Notes under the Programme on the Amended Maturity Date at the clean price mark-to-market rate published by the JSE Limited (as set out below) applicable to each of the Outstanding Notes as at 25 June 2018, plus accrued interest until the Amended Maturity Date (“Early Redemption Amount”): Note Clean Price mark-to-market 25 June 2018 IPL8 100.5656011 IPL9 100.2105992 IPL10 100.34784 IPL11 100.0060688 4. For the avoidance of doubt the Issuer shall not redeem such Notes at par as previously indicated in the Consent Request Notice. 5. The Issuer further confirms that any votes cast in respect of any Outstanding Note prior to the date of this announcement will also be redeemed at the Early Redemption Amount. 6. Other than as outlined in paragraph 3 above, the Issuer makes no further amendments to the Consent Request Notice and confirms that the time periods for the delivery of the respective written consents to the Extraordinary Resolutions outlined in the Consent Request Notice remain applicable and that the Noteholders are requested to provide their respective consents to the Extraordinary Resolutions outlined in the Consent Request Notice by voting on each Extraordinary Resolution specified in the Consent Request Notice as annexure 1 and delivering the same in the manner prescribed in the Consent Request Notice. 13 July 2018 Debt Sponsor Rand Merchant Bank, a division of FirstRand Bank Limited Date: 13/07/2018 10:15:00 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.