Shareholder Announcement - Related Party Transaction Wilderness Holdings Limited (Registration number 2004/2986) (Registered as an external company in South Africa Registration number 2009/022894/10) ISIN: BW0000000868 Share code: WIL (“Wilderness” or “the Company”) SHAREHOLDER ANNOUNCEMENT: RELATED PARTY TRANSACTION Okavango Wilderness Safaris (Proprietary) Limited (‘OWS’), a 100% owned subsidiary of Wilderness Holdings Limited (‘Wilderness’), has entered into an agreement to sell the entire issued share capital of Great Explorations (Proprietary) Limited (‘GE’) to Mountbatten Limited (‘Mountbatten’), for a consideration of P16 800 000 (the ‘Transaction’). GE owns and operates Xigera Camp in the Okavango delta. Xigera Camp has performed below expectations in the preceding five years and requires a substantial capital investment for refurbishment. It is the Wilderness board’s position that the capital investment required will not be justified by the corresponding return on such investment. The board further understands that Mountbatten is willing to inject the required capital investment into the Camp. It is for this reason, together with a desire to improve Wilderness’ balance of ‘land’ and ‘water’ camps, that the proposed Transaction has been entered into. Mountbatten is a 100% owned subsidiary of Wine Investments Limited (‘Wine’). Mountbatten is considered to be a related party in view of the fact that (i) Gavin Tollman is a member of both the board of directors of Wine and the board of directors of Wilderness, and that (ii) until 11 July 2018, Wine owned approximately 33.97% of the share capital of Wilderness. An independent professional expert has considered the terms of the above proposed transaction and provided an opinion to the Wilderness board confirming that the proposed Transaction is fair and reasonable to the shareholders of Wilderness. A copy of the opinion has been furnished to the Botswana Stock Exchange (‘BSE’) and is available for inspection at Wilderness’s registered office. In terms of section 10.6 (a) of the BSE Listings Requirements, shareholders of Wilderness will not be required to vote on the Transaction and this announcement is therefore for information purposes only. Shareholders are however advised that completion of the Transaction is subject to the approval of the Competition Authority of Botswana. 31 July 2018 By order of the Board Lu-Anne Alexander Group Company Secretary Sponsor Arbor Capital Sponsors Proprietary Limited Date: 31/07/2018 03:00:00 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.