Update regarding the Potential Transactions and Renewal of Cautionary METAIR INVESTMENTS LIMITED Incorporated in the Republic of South Africa Registration Number 1948/031013/06 Share Code: MTA ISIN Number: ZAE000090692 (“Metair” or the “Company”) UPDATE REGARDING THE POTENTIAL TRANSACTIONS AND RENEWAL OF CAUTIONARY Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the cautionary announcement published on SENS on Friday, 1 June 2018 (“Cautionary Announcement”). Further to the Cautionary Announcement and the update and renewal of the cautionary announcement published on SENS on Monday, 25 June 2018, Shareholders are advised that in regard to the Potential BEE Transaction, Metair has mutually agreed with the BEE consortium (the “Consortium”), that it is in the best interest of the Company to terminate negotiations relating to the Potential BEE Transaction. Metair still believes that transformation is a strategic and business imperative. However, the market reaction with regard to the Cautionary Announcement in relation to the potential acquisition of TAB (the “Potential Transaction”), resulting in the decrease in Metair’s market capitalisation, renders the Potential BEE Transaction not in the best interest of the Shareholders at present. Under the current conditions, Metair’s management focus will be on preserving the Company’s balance sheet and earnings. Metair is appreciative of the Consortium’s understanding of Metair’s position in this regard and the amicable termination of any further discussions in regard of the Potential BEE Transaction. Regarding the Potential Transaction, Metair remains sensitive to Shareholders’ concerns and will present a funding structure which is in line with its strategic objectives, also being sensitive to these concerns. The due diligence process is progressing as planned and the next key milestones are expected to occur as follows: - Metair interim results and publication - 16 August 2018 - TAB full year 2017 results and publication - 16 August 2018 - Planned completion of financial due diligence - 30 September 2018 - Signed-off audited financial statements - 15 October 2018 - Investment motivation confirmation - 30 October 2018 - Investment Committee meeting - Early November 2018 - Metair Board recommendation - Mid November 2018 - Shareholder and regulatory approval process - Starting mid November 2018 Shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement regarding the Potential Transaction is published. Johannesburg 2 July 2018 Sponsor One Capital Date: 02/07/2018 05:15:00 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.