Investment by Sabvest in Masimong Group Holdings Proprietary Limited (“Masimong”) 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”) INVESTMENT BY SABVEST IN MASIMONG GROUP HOLDINGS PROPRIETARY LIMITED (“Masimong”) Shareholders are advised that Sabvest has concluded unconditional agreements to acquire a 10% interest in Masimong from a minority shareholder of Masimong effective on 1 March 2019. Masimong is a private South African holding company which is majority owned and controlled by Mr Mike Teke and his family. Most of Masimong’s holdings are in mining, beneficiation and agriculture. Its major holdings are: - Seriti Resources (Pty) Limited * 25,0% - Lephalale Coal Mines (Pty) Limited 49,0% - Mouton Holdings (Pty) Limited ** 18,1% *** * Owns 90% of Seriti Coal of which Mr Mike Teke is CEO. ** Owns 100% of Mouton Citrus and 65% of Carmien Tea. *** Masimong has an option to increase this interest to 34%. It also has a portfolio of industrial and financial interests. Sabvest will fund the investment from its own cash resources. It is also likely to provide support funding to Masimong for expansion opportunities in the future. Sabvest’s CEO, Chris Seabrooke, commented “We are excited at having been afforded the unexpected opportunity of investing in this highly regarded group controlled and managed by an entrepreneur of the calibre and reputation of Mr Mike Teke. We look forward to supporting his strategic vision.” In accordance with Sabvest’s Investment Policy, this is a voluntary announcement as the size of the transaction does not exceed the 10% categorisation threshold requiring a category 2 announcement to be released. Sandton 24 January 2019 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 24/01/2019 07:05:00 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.