Acceptance Of Options Granted In Terms Of The Deneb Investments Employee Share Scheme DENEB INVESTMENTS LIMITED Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB ISIN: ZAE000197398 (“Deneb” or the “Company”) ACCEPTANCE OF OPTIONS GRANTED IN TERMS OF THE DENEB INVESTMENTS EMPLOYEE SHARE SCHEME In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: NAME OF DIRECTOR S A Queen COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 1,489,586 TOTAL RAND VALUE OF OPTIONS R2 994 067.86 VESTING DATES OF OPTIONS The options will vest in 4 tranches, on the following dates: 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR D Duncan COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 1,073,155 TOTAL RAND VALUE OF OPTIONS R2 157 041.55 STRIKE DATES OF OPTIONS 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR G D T Wege COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 722,214 TOTAL RAND VALUE OF OPTIONS R1,451,650.14 VESTING DATES OF OPTIONS The options will vest in 4 tranches, on the following dates: 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR A Ntuli COMPANY OF WHICH I AM A DIRECTOR Deneb STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 60,626 TOTAL RAND VALUE OF OPTIONS R121,858.26 STRIKE DATES OF OPTIONS The options will vest in 4 tranches, on the following dates: 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR I N Morris COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 535,957 TOTAL RAND VALUE OF OPTIONS R1,077,273.57 VESTING DATES OF OPTIONS The options will vest in 4 tranches, on the following dates: 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes NAME OF DIRECTOR F Nussbaum COMPANY OF WHICH I AM A DIRECTOR Prima Toy and Leisure Trading (Pty) Ltd STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Options to subscribe for ordinary shares CLASS OF SECURITIES Ordinary DATE OF SHARE OPTION ACCEPTANCE 18 June 2018 OPTION STRIKE PRICE (CENTS) 201 NUMBER OF OPTIONS ALLOCATED 565,446 TOTAL RAND VALUE OF OPTIONS R1,136,546.46 VESTING DATES OF OPTIONS The options will vest in 4 tranches, on the following dates: 10% from 18 June 2019 20% from 18 June 2020 30% from 18 June 2021 40% from 18 June 2022 PERIOD OF EXERCISE 5 years from grant of options NATURE AND EXTENT OF INTEREST IN Direct Beneficial TRANSACTION NATURE OF TRANSACTION Acceptance of options to subscribe for ordinary shares in terms of a share incentive scheme (off-market transaction) CLEARANCE OBTAINED Yes Cape Town 19 June 2018 Sponsor PSG Capital Date: 19/06/2018 03:35:00 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.