Announcement of rate for conversion of the offer consideration due to shareholders with shares registered on the JSE 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”) AFRICAN WILDLIFE HOLDINGS PARTNERSHIP (an en commandite partnership in Botswana) (“AWH”) ANNOUNCEMENT OF THE RATE FOR THE CONVERSION OF THE OFFER CONSIDERATION DUE TO SHAREHOLDERS WITH SHARES REGISTERED ON THE JSE 1. INTRODUCTION Shareholders of Wilderness (“Shareholders”) are referred to the circular (“Offer Circular”) to Shareholders in respect of (i) the offer (“Offer”) by AWH to acquire all of the issued ordinary shares in Wilderness (“Shares”) other than those Shares held by AWH, Mr Keith Vincent (AWH’s concert party) and The Rise Fund, invested through its affiliate being Wild Holdco Limited, at a price of BWP 6.25 per Share; and (ii) the delisting of the Company from the Main Board of the BSE and the Main Board of the JSE (“Delisting”). Capitalised terms used and not separately defined in this announcement bear the same meaning as the capitalised and defined terms used in the Offer Circular. 2. RATE FOR THE CONVERSION OF THE OFFER CONSIDERATION DUE TO SHAREHOLDERS WITH SHARES REGISTERED ON THE JSE Shareholders are referred to the provisions of paragraph 5.3 of the Offer Circular, which states that AWH shall convert the aggregate cash proceeds due to Offer Shareholders whose Shares are registered on the JSE Register in terms of the Offer into ZAR at the mid-price between the ‘Bank Buying “Foreign Notes” ZAR/BWP’ rate and the ‘Bank Selling “Foreign Notes” ZAR/BWP’ rate, each as quoted by The Standard Bank of South Africa in its Forex Closing Indication Rates at 4.00 pm CET on the Business Day following the date on which the Offer is announced as being unconditional in all respects. The relevant date for such determination was accordingly Friday, 24 May 2019. Shareholders are advised that the applicable rate of exchange determined by AWH in accordance with paragraph 2.1 above is BWP0.7467 per ZAR1. Accordingly, the Offer Consideration payable to Shareholders whose Shares are registered on the JSE Register and who accept the Offer is ZAR8.37 per Share. 3. INDEPENDENT BOARD RESPONSIBILITY STATEMENT The Independent Board accepts responsibility for the information contained in this announcement which relate to Wilderness and confirms that, to the best of its knowledge and belief, such information which relates to Wilderness is true and this announcement does not omit anything likely to affect the importance of such information. 4. AWH RESPONSIBILITY STATEMENT AWH accepts responsibility for the information contained in this announcement which relates to AWH and confirms that, to the best of its knowledge and belief, such information which relates to AWH is true and this announcement does not omit anything likely to affect the importance of such information. Gaborone 27 May 2019 Legal Advisers to Wilderness and AWH Independent Expert Desai Law Group BDO Corporate Finance Bowmans Botswana Sponsoring Brokers to Wilderness South African Sponsor to Wilderness Motswedi Securities Arbor Capital Sponsors Date: 27/05/2019 04:31:00 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.