Investment by Sabvest in Apex Partners Holdings Proprietary Limited SABVEST LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003753/06) Share code: SBV – ordinary shares / SVN – ‘N’ ordinary shares ISIN: ZAE000006417 – ordinary shares / ISIN: ZAE000012043 – ‘N’ ordinary shares ("Sabvest” or “the Company”) INVESTMENT BY SABVEST IN APEX PARTNERS HOLDINGS PROPRIETARY LIMITED Shareholders are advised that Sabvest has concluded agreements to subscribe for a 49% interest in Apex Partners Holdings Proprietary Limited (“Apex Partners” or “Apex”) and provide funding to Apex as agreed from time to time. The controlling interest in Apex is held by Charles Pettit who founded the business in 2017. The activities of Apex comprise: - Advisory: Primarily debt advisory, restructuring advisory and capital raising but also M&A and strategic, regulatory and legal advisory to support these services. - Investing: Principal investing in debt and equity instruments usually in support of clients in opportunities which are complex or outside the mandates of traditional investors and in particular distressed or restructuring situations. - Lending: Bridge and mezzanine lending, rental and deal bridge financing and convertibles directly and via two joint ventures with separate institutional partners. For more information, visit the Apex website, www.apexpartners.co.za. The services provided by Apex facilitate and support the investment activities of Sabvest and the special situation investing and lending by Apex are distinct from those of Sabvest and will augment Sabvest’s existing investment universe. In accordance with Sabvest’s investment policy, this is a voluntary announcement as the size of the transaction does not require a category 2 announcement to be released. Sandton 1 July 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited Date: 01/07/2019 07:05:00 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.