Voluntary announcement - Sale of 50% shareholding in Stenham Asset Management Holdings Limited ("SAM") PEREGRINE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1994/006026/06) Share code: PGR ISIN: ZAE000078127 (“Peregrine”) VOLUNTARY ANNOUNCEMENT – SALE OF 50% SHAREHOLDING IN STENHAM ASSET MANAGEMENT HOLDINGS LIMITED (“SAM”) Shareholders are advised that – - subject to the entering into of formal sale and shareholders agreements (and receipt of the relevant regulatory approvals), Stenham Group Limited, a wholly owned subsidiary of Peregrine, has agreed in principle, with effect from 1 April 2019, to sell 50% of its shareholding in SAM (the holding company of the asset management arm of the Stenham group) to management (excluding any dividends declared or paid in respect of the year ended 31 March 2019) in a transaction which values SAM at GBP16 million (“the transaction”); - the transaction is in accordance with Peregrine’s stated practice and philosophy of management holding a significant economic interest in their own businesses; - had the transaction been in effect for the full year ended 31 March 2019, it would have resulted in a 3% reduction in both headline earnings and headline earnings per share; - the transaction is being implemented in order to ensure the continuity, sustainability and long-term growth of the SAM business. The transaction is not a categorisable transaction for Peregrine in terms of the JSE Listings Requirements and the disclosures provided in this announcement are voluntary and for information purposes only. 24 October 2019 Joint sponsor Joint independent sponsor Java Capital Deloitte & Touche Sponsor Services Date: 24/10/2019 07:05:00 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.