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: 11 March 2019 Number of securities: 797 320 Price per share: R0.5486 Value of transaction: R437 409.75 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: 12 March 2019 Number of securities: 127 320 Price per share: R0.5486 Value of transaction: R69 847.75 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: 13 March 2019 Number of securities: 449 016 Price per share: R0.5492 Value of transaction: R246 599.59 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 14 March 2019 Sponsor Merchantec Capital Date: 14/03/2019 05:20:00 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.