Section 122 notice and dealing in securities by an associate of a director South Ocean Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2007/002381/06) Share code: SOH ISIN: ZAE000092748 (“South Ocean” or “the Company”) SECTION 122 NOTICE AND DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR In accordance with Section 3.83(b) of the JSE Listings Requirements, South Ocean hereby confirms that it has received a notice in terms of Section 122 of the Companies Act, No. 71 of 2008 (“Companies Act”).Macrovest Capital Proprietary Limited (“Macrovest”) has informed the Company that it has disposed of a beneficial interest in the Company (“the Disposal”) in terms of a redemption agreement signed in relation to the financing of the original acquisition of shares, such that the total beneficial interest in the securities held by Macrovest is now 0% of the total issued ordinary share capital of the Company. As required in terms of Section 122 (3)(a) of the Companies Act, South Ocean will file the required notices with the Takeover Regulation Panel. As a result of the Disposal, in compliance with paragraphs 3.63 to 3.74 of the JSE Listings Requirements, shareholders are advised that an associate of a director of the Company has traded shares in South Ocean as follows: Name of associate: Macrovest (associate of Barend Petersen, a director of South Ocean) Date of transaction: 10 June 2020 Name of Company: South Ocean Number of securities: 23 177 565 Class of securities: Ordinary shares Nature of transaction: Sale Average price per share: R0.42 Nature of interest: Indirect beneficial Extent of interest: 11.4% Value of transaction: R9 734 577.30 How traded Off market Clearance to deal obtained Yes Johannesburg 15 June 2020 Sponsor Arbor Capital Sponsors Date: 15-06-2020 05:47:00 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.