Specific Repurchase of Ordinary Shares in WBHO Wilson Bayly Holmes - Ovcon Ltd (Incorporated in the Republic of South Africa) (Registration number 1982/011014/06) Share code: WBO ISIN: ZAE000009932 (“WBHO” or “the Company”) SPECIFIC REPURCHASE OF ORDINARY SHARES IN WBHO INTRODUCTION At a general meeting held on 11 October 2006 relating to the introduction of an empowerment scheme by WBHO, shareholders passed, inter alia, a special resolution authorising WBHO to repurchase from Akani Investment Holdings (Proprietary) Limited (“Akani”), so many ordinary shares of the issued share capital in WBHO as determined under the applicable repurchase formula detailed in the subscription and repurchase agreements, at a purchase price of one cent per share. In terms of the subscription and repurchase agreements WBHO has repurchased 3 299 550 of WBHO shares, with effect from 26 June 2018 from Akani as detailed below Number of ordinary shares repurchased 3 299 550 Price per ordinary share R0.01 Total value of ordinary shares repurchased R 32 995.50 Ordinary shares in issue at the repurchase date 63 190 064 Issued share capital after the repurchase 59 890 514 Akani allocated and unallocated shares held after cancellation 3 390 872 Total treasury shares held after the repurchase 4 213 897 Opinion of the directors The directors of WBHO have considered the impact of the share repurchase and are of the opinion that: - WBHO and its subsidiaries will be able, in the ordinary course of business, to repay its debts for a period of 12 months from the date of this announcement. - The assets of WBHO and its subsidiaries are in excess of the liabilities, measured in accordance with the accounting policies used in the latest audited consolidated annual financial statements for the year ended 30 June 2017. - The ordinary share capital and reserves of WBHO and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. - The working capital of WBHO and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. The directors have assessed the possible effects of the repurchase of shares on the liquidity and solvency of WBHO prior to the implementation of the share repurchase and are satisfied that WBHO and its subsidiaries have passed the solvency and liquidity test and that there have been no material changes to the financial position of WBHO and its subsidiaries since the test was performed. Financial Impact The specific repurchase will be funded from WBHO’s cash facilities and will result in a decrease in equity as a result of the repurchase and cancellation of WBHO shares. JSE LISTING Application will be made to the JSE for the cancellation of the 3 299 550 shares, which represent 5.22% of WBHO’s current issued share capital. For and on behalf of the Board Johannesburg 26 June 2018 Sponsor Investec Bank Limited Date: 26/06/2018 02:15:00 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.