Notification in terms of Section 122 of the Companies Act, 71 of 2008 CARGO CARRIERS LIMITED (Registration Number 1959/003254/06) Share code: CRG ISIN: ZAE000001764 ("Cargo Carriers" or "the Company") NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT, 71 OF 2008 (the “ACT”) In compliance with the Act and in accordance with Section 3.83(b) of the Listings Requirements of the Johannesburg Stock Exchange, the Company confirms that it has received notification in accordance with Section 122 of the Act: - from New Seasons Investments Proprietary Limited (“New Seasons”) to the effect that pursuant to a corporate action undertaken by New Seasons, it has transferred the beneficial interest it held in Cargo Carriers to a newly formed company, K2017289230 (“NS Holdco”), such that it no longer holds any beneficial interest in the share capital of the Company; - from NS Holdco that it has acquired a beneficial interest in the issued share capital of the Company such that it holds 13.59% of the share capital of the Company; - from NS Holdco that it has subsequently transferred the beneficial interest it held in the issued share capital of the Company to a newly formed company, K2017289277 (in the process of changing its name to New Seasons Equity Fund Proprietary Limited) (“New Seasons Equity Fund”) such that it no longer holds any interest in the share capital of the Company; - from New Seasons Equity Fund, a wholly-owned subsidiary of NS Holdco, that it has acquired a beneficial interest in the issued share capital of the Company such that it now holds 13.59% of the share capital of the Company. The disposal of shares by New Seasons and the subsequent acquisition thereof by New Seasons Equity Fund will have no effect on either: – the scheme of arrangement (“Scheme”) in terms of section 114(1) of the Companies Act, 2008 (“Companies Act”), proposed by the Cargo Carriers’ Board between Cargo Carriers and Cargo Carriers’ Shareholders; – if the Scheme fails, the Standby Offer to be made by Cargo Carriers Holdings (Pty) Ltd to Cargo Carriers’ Shareholders in terms of section 117(c)(v) of the Companies Act (“Standby Offer”); and – the Delisting of all of the Cargo Carriers’ Shares from the Main Board of the JSE pursuant to the implementation of the Scheme or; if the Scheme fails, the implementation of the Standby Offer. As required in terms of section 122(3)(a) of the Act, Cargo Carriers has filed the required notices with the Takeover Regulation Panel. Johannesburg 23 November 2018 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 23/11/2018 05:06:00 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.