ELB GROUP LIMITED - Reasonability Opinion

Reasonability Opinion

ELB GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1930/002553/06)
ISIN: ZAE000035101
JSE Code: ELR
(“ELB” or “the Group”)


REASONABILITY OPINION


ELB shareholders (“Shareholders”) are referred to the terms announcement published on SENS on
28 February 2020 wherein Shareholders were advised that ELB obtained an opinion on the
reasonability of the Guarantee Fee and the Advisory Fee from an independent expert acceptable to the
JSE (“Reasonability Opinion”). Shareholders are hereby advised that the Reasonability Opinion has
been approved by the JSE, and both the Guarantee Fee and the Advisory Fee have been declared
reasonable. The Reasonability Opinion is available for inspection at the Group’s offices for a period of
28 days.


By order of the Board

Johannesburg
11 March 2020

Corporate Finance Advisor
Apex Partners Holdings Proprietary Limited

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 11-03-2020 05:15:00
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