Dealings in Securities by an Associate of a Director AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) Ordinary share code: AXL ISIN: ZAE000221370 Hybrid instrument code: AXLP ISIN: ZAE000221388 DEALINGS IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of the JSE Limited, the following is disclosed: Name of director: Mr S Sithole Company: African Phoenix Investments Limited Director’s Associate: Value Capital Partners Proprietary Limited* Class of securities: Ordinary shares Nature of the transaction: On-market purchase of ordinary shares Date of transaction: 26 February 2019 Number of securities: 683 699 Price per share: R0.5443 Value of transaction: R372 137.37 Extent of director’s interest: Indirect beneficial Clearance to deal obtained: Yes Name of director: Mr S Sithole Company: African Phoenix Investments Limited Director’s Associate: Value Capital Partners Proprietary Limited* Class of securities: Ordinary shares Nature of the transaction: On-market purchase of ordinary shares Date of transaction: 27 February 2019 Number of securities: 1 005 552 Price per share: R0.5473 Value of transaction: R550 338.61 Extent of director’s interest: Indirect beneficial Clearance to deal obtained: Yes Name of director: Mr S Sithole Company: African Phoenix Investments Limited Director’s Associate: Value Capital Partners Proprietary Limited* Class of securities: Ordinary shares Nature of the transaction: On-market purchase of ordinary shares Date of transaction: 28 February 2019 Number of securities: 256 198 Price per share: R0.5455 Value of transaction: R139 756.01 Extent of director’s interest: Indirect beneficial Clearance to deal obtained: Yes * Value Capital Partners Proprietary Limited (“VCP”) (in which Mr S Sithole has an indirect beneficial interest), are advisors to Peregrine Fund Platform Proprietary Limited, the registered investment manager for various funds advised by VCP. Johannesburg 4 March 2019 Sponsor Merchantec Capital Date: 04/03/2019 08:00:00 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.