Exercise Of Options By Directors In Terms Of The Deneb Long Term Incentive 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”) EXERCISE OF OPTIONS BY DIRECTORS IN TERMS OF THE DENEB LONG TERM INCENTIVE SCHEME In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: 1. NAME OF DIRECTOR S A Queen COMPANY OF WHICH A DIRECTOR Deneb Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at an adjusted strike price of 87 cents strike price (off-market) DATE OF TRANSACTION 22 February 2019 CENTS PER SHARE 240 cents NUMBER OF SECURITIES TRANSACTED 881,397 TOTAL RAND VALUE OF SECURITIES R2,115,352.80 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 2. NAME OF DIRECTOR D Duncan COMPANY OF WHICH A DIRECTOR Deneb Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at an adjusted strike price of 87 cents strike price (off-market) DATE OF TRANSACTION 22 February 2019 CENTS PER SHARE 240 cents NUMBER OF SECURITIES TRANSACTED 257,074 TOTAL RAND VALUE OF SECURITIES R616,977.60 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 3. NAME OF DIRECTOR G Wege COMPANY OF WHICH A DIRECTOR Deneb Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Delivery of ordinary shares through the exercise of Deneb Long Term Incentive Scheme options granted and accepted in 2014 at an adjusted strike price of 175 cents strike price (off-market) DATE OF TRANSACTION 22 February 2019 CENTS PER SHARE 240 cents NUMBER OF SECURITIES TRANSACTED 234,383 TOTAL RAND VALUE OF SECURITIES R562,519.20 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 25 February 2019 Sponsor PSG Capital Date: 25/02/2019 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.