Update regarding the offer to acquire issued shares of Avior by scheme of arrangement AVIOR CAPITAL MARKETS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2015/086358/06) JSE share code: AVR ISIN: ZAE000211637 (“Avior” or “the company”) UPDATE REGARDING THE OFFER TO ACQUIRE ISSUED SHARES OF AVIOR BY SCHEME OF ARRANGEMENT Shareholders are referred to the announcement released on SENS on 28 November 2019 regarding the firm intention by Char Trade 117 CC t/a Ace Retail Solutions (the “offeror”) to make an offer to acquire all of the issued ordinary shares of Avior, excluding the Avior shares held by Stately Horse Properties Proprietary Limited and Mr. Kevin Mattison (the “Avior minority shares”) (the “offer”) by way of a scheme of arrangement in terms of section 114 of the Companies Act, No. 71 of 2008, between Avior and its shareholders (the “scheme”), alternatively a general offer to Avior shareholders to acquire all of the Avior minority shares, if the scheme fails (the “general offer”). The offeror has confirmed to Avior that the scheme and the general offer together comprise an offer to acquire the Avior minority shares, as it has elected to make the general offer in the event that the scheme fails. Accordingly, the scheme and general offer will run concurrently. If the scheme fails, the general offer will automatically be implemented, subject to the fulfilment or waiver of the conditions to which the general offer is subject. The board of directors of the company, individually and collectively accepts full responsibility for the accuracy of the information contained in this announcement. In addition, the board of directors of the company certifies that to the best of its knowledge and belief, the information contained in this announcement solely pertaining to the company is true and, where appropriate, does not omit anything that is likely to affect the importance of the information contained herein, and that all reasonable enquiries to ascertain such information has been made. 5 December 2019 Corporate advisor and designated advisor Java Capital Date: 05-12-2019 08:57:00 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.