PSG Konsult Credit Rating Upgrade And Stable Outlook PSG KONSULT LIMITED (Incorporated in the Republic of South Africa) Registration Number: 1993/003941/06 JSE Share Code: KST NSX Share Code: KFS SEM Share Code: PSGK.N0000 ISIN Code: ZAE000191417 (“PSG Konsult” or “the Company”) PSG KONSULT TREASURY LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2014/196582/06 Company Code: BICAP ISIN Code: ZAG000145285 PSG KONSULT CREDIT RATING UPGRADE AND STABLE OUTLOOK Shareholders are advised that the rating agency Global Credit Rating Company (“GCR”) has reviewed the ratings of PSG Konsult under the recently released Appendix Criteria for Rating Asset Managers, November 2019. PSG Konsult’s long-term South African national scale rating has been upgraded to A(ZA) from A-(ZA), while PSG Konsult’s short-term South African national scale rating has been revised to A1(ZA), from A1-(ZA), due to a change in the long- to short-term mapping tables. The outlook is stable. GCR states, “The South African National Scale ratings on PSG Konsult are anchored in its operating environment (as a predominantly South Africa based financial services group), it also reflects a modest competitive position, net ungeared balance sheet, good cash flows, moderate earnings and good liquidity. The leverage and cash flow assessment is a strong positive rating factor for PSG Konsult, due to its net ungeared position. The entity has conservatively managed capital and debt over its rating history, and we believe this trend will continue going forward. Liquidity is considered to be strong. PSG Konsult demonstrates consistent sources of liquidity which cover more than 2x its anticipated uses, due to the good cash flow, strong balance sheet liquidity and limited liability risk. There is also no refinancing or covenant risk.” Tyger Valley 4 December 2019 JSE Sponsor: PSG Capital Proprietary Limited NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the Namibian Stock Exchange SEM authorised representative and SEM Sponsor: Perigeum Capital Ltd This notice is issued pursuant to the JSE Limited Listings Requirements, the SEM Listing Rules and the Mauritian Securities Act 2005. The board of directors of PSG Konsult accepts full responsibility for the accuracy of the information contained in this communiqué. Date: 04-12-2019 08:30:00 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.