Dealing in securities through share appreciation scheme Combined Motor Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1965/000270/06) Share code: CMH ISIN: ZAE000088050 (“the Company”) DEALING IN SECURITIES THROUGH SHARE APPRECIATION RIGHTS In compliance with the requirements of paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following grants and acceptances of equity-settled share appreciation rights (“SARs”) in terms of the Company´s Share Appreciation Rights Scheme 2010, should be noted: COMBINED MOTOR HOLDINGS LIMITED Executive director: Bruce William John Barritt Date of grant: 1 June 2019 Date of acceptance: 14 June 2019 Number of SARs: 100 000 Grant price: R21.77 Vesting date: 1/3 - 1 June 2022 1/3 - 1 June 2023 1/3 - 1 June 2024 Lapse date: 6 months after vesting Performance criteria: Achievement of agreed earnings per share targets over the vesting period Extent of interest: Direct beneficial Company secretary: Kerrianne Fonseca Date of grant: 1 June 2019 Date of acceptance: 14 June 2019 Number of SARs: 40 000 Grant price: R21.77 Vesting date: 1/3 - 1 June 2022 1/3 - 1 June 2023 1/3 - 1 June 2024 Lapse date: 6 months after vesting Performance criteria: Achievement of agreed earnings per share targets over the vesting period Extent of interest: Direct beneficial Name of major subsidiary: Kempster Sedgwick Proprietary Limited Director of major subsidiary: Steven Leslie Atkinson Date of grant: 1 June 2019 Date of acceptance: 14 June 2019 Number of SARs: 100 000 Grant price: R21.77 Vesting date: 1/3 - 1 June 2022 1/3 - 1 June 2023 1/3 - 1 June 2024 Lapse date: 6 months after vesting Performance criteria: Achievement of agreed earnings per share targets over the vesting period Extent of interest: Direct beneficial A value cannot be attributed to the SARS until the vesting dates. Pre-clearance for these transactions was provided by SK Jackson. All the aforementioned were off-market transactions. Durban 18 June 2019 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 18/06/2019 03:00:00 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.