Specific repurchase and treasury share repurchase finalisation announcement SABVEST LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003753/06) Ordinary share code: SBV and ISIN: ZAE000006417 N ordinary share code: SVN and ISIN: ZAE000012043 (“Sabvest” or “the Company”) SPECIFIC REPURCHASE AND TREASURY SHARE REPURCHASE FINALISATION ANNOUNCEMENT Sabvest shareholders (“Shareholders”) are referred to the circular issued to Shareholders on 28 September 2018 (the “Circular”) in relation to: - the specific repurchase by Sabvest of 3,471,602 Sabvest ‘N’ ordinary from Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), in terms of sections 48, 114 and 115 of the Companies Act and the Listings Requirements of the JSE (the “Specific Repurchase”); and - the repurchase by Sabvest of 101,511 Sabvest ordinary shares and 584,479 Sabvest ‘N’ ordinary shares from Sabvest Finance and Guarantee Corporation (Pty) Ltd (“Sabvest Finance”) in terms of the Listings Requirements of the JSE (the “Treasury Share Repurchase”). Further to the general meeting results announcement released on SENS on Monday, 29 October 2018, Shareholders are advised that all conditions precedent to the Specific Repurchase and the Treasury Share Repurchase have been fulfilled and both repurchases are accordingly unconditional. As detailed in the circular, Sabvest will proceed with: - the Specific Repurchase from RMB of 3,471,602 Sabvest ‘N’ ordinary shares at a price of R34.60 per ‘N’ ordinary share for a total consideration of approximately R120.1 million; - the Treasury Share Repurchase from Sabvest Finance of 584,479 Sabvest ‘N’ ordinary shares at a price of R38.99 per ‘N’ ordinary share; and - the Treasury Share Repurchase from Sabvest Finance of 101,511 Sabvest ordinary shares at a price of R42.50 per ordinary share. The 4,056,081 ‘N’ ordinary shares and 101,511 ordinary shares repurchased will be delisted with effect from the commencement of trading on or about Monday, 19 November 2018 and will thereafter be cancelled. Sandhurst 13 November 2018 Independent Transaction Sponsor Questco Corporate Advisory Proprietary Limited JSE Sponsor RMB Date: 13/11/2018 09:05:00 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.