Electronic Participation at Meetings of Shareholders and Supplementary Frequently Asked Questions 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 (“African Phoenix” or “the Company”) ELECTRONIC PARTICIPATION AT MEETINGS OF SHAREHOLDERS AND SUPPLEMENTARY FREQUENTLY ASKED QUESTIONS Shareholders are referred to the ‘Proposed Transactions Update, Distribution of Circular, Notice of General Meeting and Withdrawal of Cautionary Announcements" and the “Notice of Annual General Meeting” announcement released on SENS on 18 February 2019. Shareholders wishing to participate in (but not vote at) the upcoming meetings of Shareholders of African Phoenix taking place on Wednesday, 20 March 2019, namely the Annual General Meeting and the General Meeting in respect of the Proposed Transactions, by way of a teleconference call are invited to pre-register to participate via the separate teleconference facility for each of the Annual General Meeting and the General Meeting as follows: Annual General Meeting Date: Wednesday, 20 March 2019 Time: 11:00 SAST Registration: www.diamondpass.net/3344914 and follow the instructions provided General Meeting Date: Wednesday, 20 March 2019 Time: 13:00 SAST Registration: www.diamondpass.net/8366221 and follow the instructions provided Shareholders are also advised that based on interactions with Shareholders regarding the Proposed Transactions, the Company has uploaded further information pertaining to the Proposed Transactions, including supplementary Frequently Asked Questions (FAQs), to the website, which may be accessed at www.phoenixinvestments.co.za. Johannesburg 15 March 2019 Financial advisor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Legal advisor Webber Wentzel Independent Expert Ernst & Young Advisory Services Proprietary Limited Sponsor Merchantec Capital Date: 15/03/2019 12:00:00 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.