Further Cautionary Announcement PSG GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1970/008484/06) JSE Limited (“JSE”) share code: PSG ISIN code: ZAE000013017 LEI code: 378900CD0BEE79F35A34 (“the Company” or “PSG Group”) FURTHER CAUTIONARY ANNOUNCEMENT Shareholders are referred to the Company’s cautionary announcement dated 23 April 2020, advising that the Company is considering a corporate action/transaction, which, if implemented, may have a material effect on the price of the Company’s securities. Following requests from interested parties and to curtail speculation and uncertainty, the Company confirms that the PSG Group board of directors is in the process of investigating, and is seriously considering, the potential unbundling of some or all of its shareholding in Capitec Bank Holdings Limited (“Capitec”), subject to certain conditions being fulfilled. The rationale for the potential unbundling is that: certain new legislation may potentially deem PSG Group (as a material shareholder in Capitec) to be a financial conglomerate, which will substantially increase the administrative burden on PSG Group (in relation to regulatory compliance), and that, given the substantial discount at which PSG Group shares trade to its sum-of-the-parts value, the board believes such an unbundling may unlock value for PSG Group shareholders. Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s securities until a detailed announcement is made in due course. Stellenbosch 29 April 2020 Transaction advisor and sponsor PSG Capital Date: 29-04-2020 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.