SABVEST LIMITED - Change to Sabvest incentive schemes

Change to Sabvest incentive schemes

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003753/06)
Share code: SBV – ordinary shares / SVN – ‘N’ ordinary shares
ISIN: ZAE000006417 – ordinary shares / ISIN: ZAE000012043 – ‘N’ ordinary shares
("Sabvest” or “the Company”)

CHANGE TO SABVEST INCENTIVE SCHEMES

Shareholders are advised that Sabvest intends to amend its current short-term and long-term executive incentive
schemes (‘STIP’ and ‘LTIP’) to include a performance metric of narrowing the discount at which Sabvest shares trade
relative to its published NAV per share.

Shareholders are referred to the announcement on 25 July 2018 concerning the offer for sale of a material block of
Sabvest N ordinary shares by two long-standing, offshore passive shareholders (the ‘Placement’). The Placement price
of R34.60 is at a 36.8% discount to NAV per share at the interim reporting date. Sabvest is of the view that the
Placement will be beneficial to all Sabvest shareholders and the Company as it will materially increase the free float of
the total shares in issue. It is therefore expected that Sabvest shares will trade more freely and in higher volumes than in
the past.

In this context, it is in Sabvest shareholders’ interests for the existing STIP and LTIP schemes, which are primarily driven
by growth in NAV per share, to be amended such that a portion is conditional and will only vest if the share price discount
to NAV meets the quantitative targets set by the Remuneration Committee for each calculation period, in addition to the
existing NAV per share targets.

The introduction of this new metric from the start of the coming financial year is a modification to the schemes in order to
achieve better alignment with shareholder value and is not an increase in overall cash incentives.

The Remuneration Committee is consulting on the appropriate calculation base, targets and periods, and the
Remuneration Report at year end will contain details of the metrics agreed.

Sandton

13 August 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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