Update regarding BKB African Rainbow Capital Investments Limited (Incorporated in the Republic of Mauritius) (Registration number C148430) JSE share code: AIL ISIN: MU0553S00000 (“AIL” or “the Company” or “ARC Investments”) UPDATE REGARDING BKB ARC Investments released a quarterly update on the Stock Exchange News Service on 7 December 2018, which, inter alia, explained the status of the anticipated disposal of ARC Fund Partnership SA’s (“ARC Fund”) interest in BKB to Acorn Agri & Food. In terms of the ruling by the arbitrator, the ARC Fund issued a notice of first refusal to BKB, whereby BKB would be entitled to acquire the BKB shares at R22 per share by no later than 27 December 2018. Shareholders are advised that BKB has exercised its right of first refusal and has acquired the BKB shares at R22 per share from the ARC Fund for a total consideration of R409.5 million. The consideration has been settled in full. The ARC Fund acquired the BKB shares from African Rainbow Capital Investments Limited at the time of listing of ARC Investments for an amount of R220 million on 7 September 2017. The carrying value of the BKB shares amounted to R415 million as at 30 June 2018. Ebène, Mauritius (with simultaneous circulation in Johannesburg) 21 December 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) For further information please contact: JSE sponsor Company Secretary Rand Merchant Bank, a division of FirstRand Bank Limited Tel: + +27 11 282 8231 Tel: +230 403 0800 Date: 21/12/2018 07:30:00 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.