General Repurchase of Shares INDEQUITY GROUP LIMITED Incorporated in the Republic of South Africa Registration number 1998/015883/06 Share code: IDQ ISIN: ZAE000016606 (“Indequity” or “the Company”) GENERAL REPURCHASE OF SHARES 1. INTRODUCTION In compliance with paragraph 11.27 of the Listings Requirements of JSE Limited, the board of directors of Indequity (“the Board”) hereby advises shareholders that Indequity has cumulatively repurchased 551 869 Indequity ordinary shares, representing 4.43% of the Company’s issued share capital, in terms of the general authority granted by shareholders at the annual general meeting held on 16 January 2019 (“Repurchase”). 2. DETAILS OF THE REPURCHASE Details of the Repurchase are as follows: Date of repurchases: 19 July 2019 to 21 January 2020 Number of shares repurchased: 551 869 Lowest repurchase price per share: 600 cents Highest repurchase price per share: 800 cents Total value of shares repurchased: R4 348 389.40 The Repurchase was effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties. None of the shares repurchased were done so during a closed period. Following the Repurchase, Indequity holds 1 182 883 shares as treasury shares, representing 9.59% of the Company’s issued share capital. Following the Repurchase, the extent of the general authority to repurchase shares outstanding is 1 938 412 ordinary shares, representing 15.57% of the total issued share capital of the Company at the time the authority was granted. 51 869 of the shares repurchased have been cancelled and delisted. The remainder of 500 000 shares will be cancelled and delisted on or about 31 January 2020. 3. OPINION OF THE BOARD The Board has considered the effect of the Repurchase and is of the opinion that, for a period of 12 months following the date of this announcement: - the Company and the group will be able, in the ordinary course of business, to repay its debts; - the assets of the Company and the group will be in excess of the liabilities of the Company; - the share capital and reserves of the Company and the group will be adequate for ordinary business purposes; and - the Company and the group will have adequate working capital for ordinary business purposes. 4. FINANCIAL INFORMATION PERTAINING TO THE REPURCHASE The impact of the Repurchase has been calculated and the Board can confirm that the implementation of the Repurchase is limited to a reduction in cash of R4 348 389.40 as the Repurchase was funded from the Company’s available cash resources. Johannesburg 22 January 2020 Sponsor Merchantec Capital Date: 22-01-2020 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.