Results announcment 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”) RESULTS ANNOUNCEMENT RELATING TO THE ODD-LOT OFFER AND SPECIFIC OFFER Shareholders are referred to the circular dated 21 September 2018 and the SENS announcements dated 8 November 2018, 23 October 2018 and 21 September 2018 and using the definitions contained therein, are hereby advised that the Odd-lot Offer and the Specific Offer both closed at 12:00 on Friday, 23 November 2018 with the results of such offers set out below. Results of the Odd-Lot Offer Number of Number of *Number of shares Total number of shares Shares retained Shares sold expropriated by repurchased by the Company by election by election the Company pursuant to the Odd-lot Offer 659 635 1 584 2 219 *Odd-lot Holders who did not make an election were automatically regarded as having chosen to sell their Odd-lot Holdings. Results of the Specific Offer Shareholders holding 7 326 Shares elected to sell their Shares to the Company pursuant to the Specific Offer. Effect on share capital The total number of Shares repurchased by the Company in terms of the Odd-lot Offer and the Specific Offer amounted to 9 545 shares with such repurchased Shares representing 0.006% of the current total number of Shares in issue. Cancellation of shares The shares acquired by the Company in terms of the Odd-lot Offer and the Specific Offer will be cancelled and accordingly the number of ordinary shares in issue will decrease by 9 545 ordinary shares to 161 155 915 ordinary shares. Sandton 26 November 2018 Corporate Adviser Vunani Corporate Finance Designated Adviser Grindrod Bank Limited Date: 26/11/2018 09:20:00 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.