Investment by Sabvest in JAA Holdings (Pty) Limited (“JAA”) SABVEST LIMITED (Incorporated in the Republic of South Africa) Registration number 1987/003753/06) ISIN: ZAE000006417 and Share code: SBV Ordinary shares ISIN: ZAE000012043 and Share code: SVN N Ordinary shares (“Sabvest” or “the Company”) INVESTMENT BY SABVEST IN JAA HOLDINGS (PTY) LIMITED (“JAA”) Shareholders are advised that a number of transactions have been concluded, subject to fulfilment of certain suspensive conditions normal for transactions of this nature, as follows: - JAA has invested in DNI-4PL Contracts (Pty) Limited (“DNI”). - Sabvest has invested R159,7m in JAA effective 30 October 2018 (“first date”). - On the first date Sabvest owns 35,72% of JAA which owns 21,24% of DNI, resulting in Sabvest having a look through interest of 7,59% in DNI. - On 30 January 2019 (“second date”) JAA will increase its interest in DNI to 34,92% to be partially funded by the issue of new JAA shares. This will dilute Sabvest’s interest in JAA to 28,4% but increase its look through interest in DNI to 9,92%. - The balance of 71,6% in JAA on the second date will be held by AJD Holdings (Pty) Ltd, an entity owned and controlled by the family of Mr Andrew Dunn, the CEO of DNI. The primary business of DNI is the provision of technology, logistics and distribution services to the telecommunications and financial services industries through a network of sales agents and special purpose vehicles in urban and rural communities. DNI is a leading distributor of pre-paid airtime and mobile subscriber starter packs for Cell C Limited and financial services products for Net 1 UEPS Technologies, Inc. (JSE:NT1), which is the majority shareholder in DNI. Its other operations include Money4Jam, a micro jobbing platform which connects companies and job seekers through the use of mobile phone technology, and International Tower Corporation which provides financing and project management for selected telecommunication tower networks in South Africa. In accordance with Sabvest’s Investment Policy, this is a voluntary announcement as the size of the transaction does not exceed the 10% categorisation threshold requiring a category 2 announcement to be released. Sandton 31 October 2018 Financial advisor and sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 31/10/2018 07:30:00 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.