Asset swap investments concluded SABVEST LIMITED (Incorporated in the Republic of South Africa) Registration number 1987/003753/06 Ordinary share code: SBV and ISIN: ZAE000006417 N ordinary share code SVN and ISIN: ZAE000012043 (“Sabvest”) ASSET SWAP INVESTMENTS CONCLUDED Further to the investment update released on the Stock Exchange News Service on 2 February 2018, shareholders are advised that Sabvest has implemented the R300m asset swap from rands to US dollars referred to therein. Based on the experience of years of investing in its existing offshore general portfolio and its direct participation in numerous technology investments and boards over a number of decades, Sabvest resolved to utilise a meaningful portion of its cash resources to establish a larger bespoke technology portfolio. This has been concluded in the dollar equivalent amount of R208m as follows: Sabvest Technology Holdings US$ Activision Inc. 748 000 Alibaba Group Holding Ltd. 1 434 000 Alphabet Inc. – C Share 1 368 000 Amazon.com Inc. 1 414 000 Apple Inc. 986 000 Baidu.com Inc. 902 000 Facebook Inc. 1 385 000 Microsoft Corp. 890 000 NetEase Inc. 750 000 Netflix Inc 775 000 NVida Corp. 814 000 Palo Alto Networks Inc. 942 000 Splunk Inc. 799 000 Tencent Holdings Ltd. 1 490 000 Visa Inc. 947 000 __________ Sub Total 15 644 000 Vanguard Technology Fund 1 765 000 __________ Total Technology Portfolio 17 409 000 __________ The balance of $7,3m held abroad after the asset swap will for the time being be held in cash and liquid interest-bearing instruments pending other investment opportunities. Sandton 14 February 2018 Financial adviser and sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 14/02/2018 04:09:00 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.