Results of Annual General Meeting AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) Ordinary share code: AXL ISIN: ZAE000221370 Hybrid instrument code: AXLP ISIN: ZAE000221388 (“Phoenix” or “the Company”) RESULTS OF ANNUAL GENERAL MEETING Shareholders are advised that, at the Annual General Meeting of Phoenix held today, all the resolutions as set out in the revised notice of Annual General Meeting and voted on were passed by the requisite majority of shareholders. The number of ordinary shares voted in person or by proxy was 1 036 041 291, representing 72.60% of the total issued share capital of the same class of Phoenix shares. The resolutions proposed at the Annual General Meeting, together with the percentage of shares abstained, as well as the percentage of votes carried for and against each resolution, are set out below: % of votes carried for % of votes the against the % of shares Resolution resolution resolution abstained Ordinary resolution number 1: Appointment of external auditors 99.99% 0.01% 0.07% Ordinary resolution number 2: Appointment and re- election of directors - - - Ordinary resolution number 2.1: Appointment of Ms Nonzukiso Siyotula as an independent non-executive director 99.99% 0.01% 0.07% Ordinary resolution number 2.2: Appointment of Mr Samuel Sithole as a non-executive director 99.95% 0.05% 0.07% Ordinary resolution number 2.3: Appointment of Mr Oyama Mabandla as an independent non-executive director 99.99% 0.01% 0.07% Ordinary resolution number 2.4: Appointment of Ms Reshma Mathura as an independent non-executive director 99.99% 0.01% 0.05% Ordinary resolution number 2.5: Appointment of Ms Mahlatse Kabi as an independent non-executive director 99.99% 0.01% 0.07% Ordinary resolution number 2.6: Appointment of Mr Siyabonga Nhlumayo as an executive director 99.99% 0.01% 0.07% Ordinary resolution number 2.7: Appointment of Mr Shafiek Rawoot as an executive director 99.96% 0.04% 0.05% Ordinary resolution number 3: Appointment of the Chairperson and members of the Audit and Risk Committee - - - Ordinary resolution number 3.1: Appointment of Ms Reshma Mathura as a member and chairperson of the Audit and Risk Committee 99.99% 0.01% 0.05% Ordinary resolution number 3.2: Appointment of Ms Nonzukiso Siyotula as a member of the Audit and Risk Committee 99.99% 0.01% 0.07% Ordinary resolution number 3.3: Appointment of Ms Mahlatse Kabi as a member of the Audit and Risk Committee 99.99% 0.01% 0.07% Ordinary resolution number 3.4: Appointment of Ms Alethea Conrad as a member of the Audit and Risk Committee 99.99% 0.01% 0.07% Ordinary resolution number 4: Advisory endorsement of remuneration policy and implementation report - - - Ordinary resolution number 4.1: Endorsement of the remuneration policy 78.08% 21.92% 0.09% Ordinary resolution number 4.2: Endorsement of the remuneration implementation report 78.20% 21.80% 0.09% Ordinary resolution number 5: Signature of documents 99.99% 0.01% 0.07% Special resolution number 1: Approval of the non- executive directors’ remuneration 99.97% 0.03% 0.08% Special resolution number 2: Financial assistance to related or inter-related companies or undertakings 99.97% 0.03% 0.08% Special resolution number 3: General approval to acquire ordinary shares 99.09% 0.91% 0.08% Johannesburg 17 October 2018 Sponsor Merchantec Capital Date: 17/10/2018 04:02:00 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.