Finalisation announcement relating to the odd-lot offer and specific offer VUNANI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/020641/06) JSE code: VUN ISIN: ZAE000163382 (“Vunani” or “the Company”) FINALISATION ANNOUNCEMENT RELATING TO THE ODD-LOT OFFER AND SPECIFIC OFFER 1. Introduction Shareholders are referred to the circular dated 21 September 2018 and the SENS announcements dated 21 September 2018 and 23 October 2018, and using the definitions contained therein, are hereby advised that the board of directors of Vunani has finalised the pricing in respect of the Odd-lot Offer and the Specific Offer, which has been set out below. 2. Offers Prices The Offer Price for both the Odd-lot Offer and the Specific Offer is R2.75 which represents a premium of 31% above the 30 day VWAP as at the Last Practicable Date of R2.10. The Last Practicable Date was Thursday, 13 September 2018. Shareholders who elect or are deemed to have elected to participate in the Odd-lot Offer or have elected to participate in the Specific Offer, will receive an amount equal to the product of the Offer Price multiplied by the number of Vunani Shares held by them on the Record Date. 3. Dividends tax Shareholders who have elected or are deemed to have elected the Odd-lot Offer or have elected to participate in the Specific Offer and: 3.1 are exempt from dividends tax will receive a gross Offer Price of R2.75000; or 3.2 are not exempt from dividends tax will receive a net Offer Price of R2.20000 after accounting for and withholding dividends tax equivalent to 20% of the gross Offer Price. 4. IMPLEMENTATION OF THE OFFERS The Offers have been declared unconditional and salient dates and times and all other information relating thereto as disclosed in the circular to shareholders, dated 21 September 2018, remain unchanged. Shareholders are however reminded that the Offers close at 12:00 on Friday, 23 November,2018. Sandton 8 November 2018 Corporate Adviser Vunani Corporate Finance Designated Adviser Grindrod Bank Limited Date: 08/11/2018 08:00:00 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.