Reviewed Condensed Consolidated Financial Statements for the Year Ended 31 March 2020 DENEB INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2013/091290/06) Share code: DNB ISIN: ZAE000197398 (“Deneb” or “the Company”) REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 1. SALIENT FEATURES Revenue decreased by 4% to R3 216 million, from R3 347 million in the prior corresponding period. Revenue from continuing operations decreased by 3% to R2 872 million, from R2 956 million in the prior corresponding period. Operating profit from continuing operations increased by 16% to R173 million, from R149 million in the prior corresponding period. Headline profit from continuing operations increased by 129% to R55 million from R24 million in the prior corresponding period. Loss increased by 176% to R129 million, from R47 million in the prior corresponding period. Headline loss per share increased by 100% to 8.92 cents per share, from 4.47 cents per share in the prior corresponding period. Loss per share increased by 178% to 29.24 cents per share, from 10.53 cents per share in the prior corresponding period. Net asset value per share decreased by 10% to 337 cents per share, from 374 cents per share in the prior corresponding period. No dividend was declared (3 cents per ordinary share in the prior corresponding period). 2. SHORT-FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information in the full announcement (“Full Announcement”) and does not contain full or complete details. The Full Announcement can be found at: https://senspdf.jse.co.za/documents/2020/JSE/ISSE/DNBE/dnbMar20.pdf Copies of the Full Announcement is also available for viewing on the Company’s website at http://deneb.co.za/images/deneb-results-booklet-march-2020.pdf or may be requested in person, at the Company’s registered office or the office of its sponsor PSG Capital at no charge, during office hours. Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a whole. These Reviewed Condensed Consolidated Financial Statements have been reviewed by the Company’s auditors, PwC, who expressed an unmodified review opinion thereon. 5 June 2020 Sponsor PSG Capital Date: 05-06-2020 01:15:00 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.