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Dealing In Securities By A Director Of A Major Subsidiary NIVEUS INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1996/005744/06) Share code: NIV ISIN: ZAE000169553 ("Niveus") DEALING IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY In compliance with sections 3.63 - 3.74 of the JSE Limited Listings Requirements the following information regarding the dealing in the securities is disclosed: Name of director: Chris du Toit Company of which I am a director: Galaxy Gaming and Entertainment Proprietary Limited Status: Executive/Non-executive: Executive Nature and extend of interest in the Direct, beneficial transaction: Nature of transaction: Disposal of securities (on-market transaction) Type of securities: Ordinary shares in Niveus Date of transaction: 22 September 2017 Number of securities transacted: 5 999 Price per security transacted: R39.90 Total Rand value of securities transacted: R239 360.10 Clearance in terms of section 3.66 of the JSE Listings Requirements was obtained. Cape Town 26 September 2017 Sponsor: PSG Capital Proprietary Limited Date: 26/09/2017 01:30:00 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.

Grant and acceptance of share options by a director Kumba Iron Ore Limited A member of the Anglo American plc group (Incorporated in the Republic of South Africa) (Registration number 2005/015852/06) Share code: KIO ISIN: ZAE000085346 ("Kumba" or "the company") GRANT AND ACCEPTANCE OF SHARE OPTIONS BY A DIRECTOR In terms of the Listings Requirements of the JSE Limited, the following information is disclosed: Director: Bothwell Anesu Mazarura Company: Kumba Iron Ore Limited Grant date: 1 September 2017 Acceptance date: 22 September 2017 Nature of transaction: Off market grant and acceptance of Long Term Incentive Plan ("LTIP") options Class of securities: Ordinary shares Number of options: 15,496 Grant price*: R211.55 Value of transaction: R3,278,176.80 Vesting period: Share options vest after three years on certain performance criteria being met in terms of the Kumba LTIP Nature of interest: Direct beneficial Clearance obtained: Yes *Average purchase price is based on the average VWAP of transactions effected by the company over a period of 3 business days. The highest and lowest for each day were as follows: Date Highest price Lowest price 29 August 2017 R208.06 R204.44 30 August 2017 R211.70 R205.60 31 August 2017 R219.31 R208.00 26 September 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 26/09/2017 12:51:00 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.

Election to receive either a cash dividend or a return of capital: Finalisation announcement NEPI Rockcastle plc (Incorporated and registered in the Isle of Man) (Registered number 014178V) JSE share code: NRP Euronext share code: NRP ISIN: IM00BDD7WV31 ("NEPI Rockcastle" or "the company") ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A RETURN OF CAPITAL: FINALISATION ANNOUNCEMENT NEPI Rockcastle shareholders are referred to the circular issued on Friday, 8 September 2017, in respect of an election to receive the interim dividend for the six months ended 30 June 2017 either as a cash dividend or as a return of capital and are advised as follows: - Shareholders holding shares traded on the JSE will receive their cash dividend in South African Rand converted from Euro at an exchange rate of EUR1.00: ZAR 15.74200. Accordingly, the cash dividend of 23.46 Euro cents per share will be equal to ZAR 3.69307 per share. - The reference price is ZAR 173.22650 ("reference price"), being a 7% discount to the five-day volume weighted average traded price (less distribution) of NEPI Rockcastle shares on the JSE as at Friday, 22 September 2017. For NEPI Rockcastle shares traded on Euronext Amsterdam, the reference price is EUR 11.00410 (being the reference price of ZAR 173.22650 converted to Euro at the Rand exchange rate of EUR1.00: ZAR 15.74200). - Shareholders electing to receive the return of capital will receive 2.13193 new NEPI Rockcastle shares for every 100 NEPI Rockcastle shares held by such shareholders on the record date of Friday, 29 September 2017, representing the ratio that the cash dividend bears to the reference price. If no shareholders were to elect to receive the return of capital, the value of the dividends would amount to EUR 126 438 560. Should all shareholders elect to receive the return of capital, the maximum total number of new NEPI Rockcastle shares to be issued by NEPI Rockcastle pursuant to the return of capital will be 11,490,117. The share capital of the company as at the date of this announcement is as follows: ‘000 EUR Share capital Authorised 2 000 000 000 ordinary shares of €0.01 each 20 000 Issued share capital 538 953 794 ordinary shares of €0.01 each 5 390 Share premium 3 481 368 Total 3 486 758 Should all eligible NEPI Rockcastle shareholders elect to receive the return of capital, the share capital of NEPI Rockcastle after issue of the new NEPI Rockcastle shares will be as follows: ‘000 EUR Share capital Authorised 2 000 000 000 ordinary shares of €0.01 each 20 000 Issued share capital 550 443 911 ordinary shares of €0.01 5 504 each Share premium 3 481 254 Total 3 486 758 Dividend tax (and therefore the information provided in this paragraph) is only of direct application to shareholders holding shares traded on the JSE. The gross local dividend amount is ZAR 3.69307 per share for shareholders exempt from paying South African dividends tax. The net local divided amount is ZAR 2.95446 per share for shareholders liable to pay the dividends tax rate of 20%. There is no withholding tax payable in the Isle of Man. NEPI Rockcastle has a dual primary listing on the Main Board of the JSE and Euronext Amsterdam. For further information, please contact: JSE sponsor Java Capital +27 11 722 3050 Euronext Listing Agent ING Bank +31 2057 67 262 26 September 2017 Date: 26/09/2017 12:33:00 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.

Issue and listing of Series 1, Classes D, E and G preference shares and dividend declaration and finalisation ECSPONENT LIMITED Incorporated in the Republic of South Africa Registration number: 1998/013215/06 JSE Code: ECS - ISIN: ZAE000179594 Ecsponent Pref Share D1 Ecsponent Pref Share E1 Ecsponent Pref Share G1 Short Name: ECSPD Short Name: ECSPE Short Name: ECSPG ECSD1 ECSE1 ECSG1 ISIN: ZAE000250148 ISIN: ZAE000250155 ISIN: ZAE000250163 Issue and listing of Series 1, Classes D, E and G Preference shares under the ZAR5,000,000,000 Preference Share Programme and Dividend Declaration and Finalisation Announcement Issue and listing of Series 1, Classes D, E and G Preference shares: The Company is pleased to announce that it will be listing the first tranches of Series 1 Classes D, E and G preference shares on Wednesday, 4 October 2017, the details of which are summarised below: Ecsponent Pref Ecsponent Pref Ecsponent Pref Share D1 Share E1 Share G1 Issue Price per Preference R100 R100 R100 Share Listing date 4 October 2017 4 October 2017 4 October 2017 Dividend rate 12.5% percent, per 11.25% percent, per 10% percent, per annum, payable monthly annum, payable monthly annum, payable monthly in arrears in arrears in arrears Redemption Record Date 30 September 2022 30 September 2022 30 September 2022 Redemption Amount per R100 R100 R100 Preference Share Redemption Payment Date 3 October 2022 3 October 2022 3 October 2022 Full details regarding the listing will be announced prior to the listing date. Declaration and finalisation announcement in respect of the first dividend payment: Notice is hereby given that a preference dividend has been declared in respect of the Series 1, Classes D, E and G Preference Shares with a commencement date of 4 October 2017. Relevant dates in relation to this dividend payment are set out below: Last day to trade to appear in the register on Record Date Tuesday, 10 October 2017 Preference shares start trading ex-dividend Wednesday, 11 October 2017 Record Date Friday, 13 October 2017 Payment Date Monday, 16 October 2017 In accordance with the requirements of Strate, no share certificates may be dematerialised or rematerialised between the date that the Preference Shares commence trading ex-dividend and the Record Date. In terms of the Listings Requirements of the JSE, the following additional information is provided: 1. The dividend has been declared from income reserves; 2. The dividend withholding tax rate is 20%; 3. The Company shall be entitled to an administration fee in respect of the Class D, Class E and Class G Preference Shares, of 0.25% per annum on the Initial Issue Price, inclusive of VAT, payable monthly in arrears on the Monthly Dividend Payment Dates. 4. The administration fee is subject to the Value-Added Tax Act of 1991. The Company has the right to recover the monthly administration fee, from the monthly Preference Share dividend (plus the applicable VAT thereon). 5. The gross local dividend amount and the net local dividend amount payable to Preference Shareholders that are subject to dividends withholding tax is set out below: Series 1 Class D Series 1 Class E Series 1 Class G Preference Share Preference Share Preference Share Gross local dividend 18.49315 16.43836 20.54795 amount (cents per share) Net local dividend amount 14.79452 13.15069 16.43836 (cents per share) 0.41096 0.41096 0.41096 Administration fee Net payment to Preference 14.38356 12.73973 16.02740 Shareholders 6. These are the first tranches of series 1 of Classes D, E and G. 7. Ecsponent's income tax number is 9235/264/84/4. Dividend payment dates for the remainder of 2017: The following dividend payment dates are declared in respect of the Series 1 Classes D, E and G Preference Shares for the remainder of 2017. Dividend amounts will be announced at least 10 business days prior to the last day to trade: NOVEMBER 2017 Last day to trade to appear in the register on Record Date Tuesday 7 November Preference shares start trading ex-dividend Wednesday 8 November Record Date Friday 10 November Payment Date Monday 13 November DECEMBER 2017 Last day to trade to appear in the register on Record Date Tuesday 12 December Preference shares start trading ex-dividend Wednesday 13 December Record Date Friday 15 December Payment Date Monday 18 December In accordance with the requirements of Strate, no share certificates may be dematerialised or rematerialised between the dates that dividends start trading ex-dividend and the Record Dates. Pretoria 26 September 2017 Sponsor Questco (Pty) Limited Date: 26/09/2017 12:14:00 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.

Dealing in securities by a director Super Group Limited (Incorporated in the Republic of South Africa) (Registration number: 1943/016107/06) Share code: SPG ISIN: ZAE000161832 ("Super Group") DEALING IN SECURITIES BY A DIRECTOR 1. In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, shareholders are advised that a director of Super Group has, in terms of the Share Appreciation Right Scheme 2005 ("the Scheme"), been issued shares in terms of previously accepted grants that have vested. Shareholder approval of the Scheme was obtained at the 2005 Annual General Meeting. All rights have conditions attached and are subject to the rules of the Scheme. The Remuneration Committee approved the grants and the required clearance in terms of paragraph 3.66 of the Listings Requirements was obtained. The Scheme supports the principle of aligning management and shareholder interests. Performance conditions governing the vesting of these rights are intended to be stretching but achievable. The performance conditions are related to headline earnings per share increasing by 2% per annum above the Consumer Price Inflation Index over the three year performance period ended 30 June 2017. The grants are conditional upon the participant remaining employed during the performance period. The grants that have vested have been awarded in terms of performance conditions for the Financial Year 30 June 2017 and the shares have been issued to the director. Name of director Number of Share Number of Shares Nature of interest Appreciation Issued (1) Rights ("SARS") P Mountford 271 566 76 552 Direct, Beneficial Date of transfer 22 September 2017 Nature of transaction Issue of shares Class of securities Ordinary shares Strike price of SARS R31.13 Strike date 22 September 2017 Exercise Price of SARS R43.3500 Vesting date Following approval by the Remuneration Committee based on the audited results for the year ended 30 June 2017 (1) The number of shares issued is calculated by the total gain on the SARS, which is the difference between the strike price and the exercise price multiplied by the number of SARS. The gain is then divided by the exercise price to determine the number of shares issued. 2. In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, Super Group advises that it has been informed of the following dealings in its shares: Director Peter Mountford Company Super Group Date of transaction 22 September 2017 Nature of transaction Sale of shares on market Nature of interest Direct, beneficial Class of securities Ordinary shares Clearance to deal Yes Number of shares sold 76 552 Highest Price R43.3500 Lowest Price R43.0000 Volume Average Weighted Price R43.0918 Total value of transaction R3 298 763.47 The transactions are not a reflection of his views on the Group and simply portfolio re-balancing. The required clearance per paragraph 3.66 of the Listings Requirements was obtained. Sandton 26 September 2017 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 26/09/2017 12:05:00 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.

Notification in terms of Section 122(3) of the Companies Act and Section 3.83(B) of The JSE Listings Requirements Novus Holdings Limited (Incorporated in the Republic of South Africa) JSE share code: NVS ISIN: ZAE000202149 Registration number: 2008/011165/06 ("Novus Holdings", "the Company" or "the Group") NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 ("the Act") and section 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that Novus Holdings has received formal notification in the prescribed form that H4 Collective Investments (RF) (Pty) Ltd acting on behalf of the H4 Qualified Investor Hedge Fund Scheme in respect of the Value Active PFP H4 QI Hedge Fund ("VCP through its Fund"), has acquired an interest in the securities of the Company, such that the total interest in the securities of the Company held by VCP through its Fund is 5.75% of the total issued share capital of the Company. Value Capital Partners (Pty) Ltd ("VCP") are the advisors to Peregrine Fund Platform (Pty) Ltd, the registered Fund investment manager. As required in terms of section 122(3)(a) of the Act, Novus Holdings has filed the required notice with the Takeover Regulation Panel. Cape Town 26 September 2017 Sponsor: Investec Bank Limited Date: 26/09/2017 12:05:00 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.

Notification in Terms Of Section 122(3) of The Companies Act and Section 3.83(B) of The JSE Listings Requirements Novus Holdings Limited (Incorporated in the Republic of South Africa) JSE share code: NVS ISIN: ZAE000202149 Registration number: 2008/011165/06 ("Novus Holdings", "the Company" or "the Group") NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 ("the Act") and section 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that Novus Holdings has received formal notification in the prescribed form that Huguenot Finance (Pty) Ltd has disposed of beneficial interests in the issued share capital of the Company, such that it no longer holds any interest in the share capital of the Company As required in terms of section 122(3)(a) of the Act, Novus Holdings has filed the required notice with the Takeover Regulation Panel. Cape Town 26 September 2017 Sponsor: Investec Bank Limited Date: 26/09/2017 12:01:00 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.

Summarised consolidated financial results for the year ended 30 June 2017 York Timber Holdings Limited Incorporated in the Republic of South Africa Registration number: 1916/004890/06 JSE share code: YRK ISIN: ZAE000133450 (York or the Company or the Group) Summarised consolidated financial results for the year ended 30 June 2017 www.york.co.za Highlights - Revenue up 3% - Return on equity improved from 9% to 12% - EBITDA (earnings before interest, tax, depreciation, amortisation and net of fair value adjustments) up 3% - Earnings per share up 59% as a result of a 21% increase in the value of biological assets - Net asset value per share up 17% from 809 cents to 943 cents - Core earnings per share down 46% due to increases in depreciation and interest paid - Cash generated from operations remains positive at R170 million for the year Commentary Group performance and financial review Revenue achieved for the year was R1,8 billion, a 3% improvement from the prior year. EBITDA increased by 3% from the prior year and ended on R246 million. Profit after tax amounted to R367 million, a 54% increase, driven by a 21% growth in the value of the biological asset's. The increase in the biological asset's value includes a once-off adjustment due to an improvement achieved in the rotation age cycle of the plantation, the application of precision forestry and improvement in genetic planting material. The biological asset's value is a fair reflection of its current market value. Earnings per share increased to 116 cents from 73 cents per share in the prior year, a 59% improvement. Headline earnings per share reflected the same improvement of 59%, at 116 cents per share. Core earnings per share (being headline earnings per share excluding the fair value adjustment on biological assets net of tax) decreased by 46%, ending at 17 cents per share compared to 31 cents per share in the prior year. Core earnings were negatively impacted due to an increase in depreciation due to the Plywood Expansion Project and higher interest paid on loan financing for the Plywood Expansion Project. The full benefit of the Plywood Expansion Project is not yet reflected in this financial period. Market conditions The absence of economic growth and lack of confidence in the construction sector resulted in lower sales volumes in most product categories. International demand for plywood is strong, with a wide range of applications. York is well-positioned to fully participate in this market. York's market share increased in the subdued local lumber market and showed positive growth in the East and West Africa regions. Operational review The York lumber mills performed exceptionally well during the year under review at high efficiency levels and managed to extract maximum value from its raw materials. The Plywood Expansion Project was commissioned as planned but was scaled down to address one press with critical failure and another with metal fatigue. This resulted in York making the two presses redundant and replacing them with a new higher capacity press that will be commissioned in February 2018. This press upgrade was not part of the initial Plywood Expansion Project. Raw material supply was repeatedly interrupted due to excessive price increases announced by the South African Forestry Company (SOC) Limited (SAFCOL). York is endeavoring to resolve this marketing policy dispute with SAFCOL, as we consider a 17% annual price increase on logs as unreasonable. Forestry results were negatively impacted by this impasse, with higher than anticipated logistics costs, as logs were transported over longer than expected distances to keep plants fully supplied and operational. Alternative raw material supplies are available to York and are being secured. The Wholesale strategy is delivering exceptional results as distribution costs are reduced and York has the ability to respond quickly to customer buying patterns. Balance sheet movements York continued to invest in its processing capabilities, totaling R154 million for the 2017 financial year. In addition, the Company secured standing trees to the value of R59 million. Investment activities were partly financed by increasing long-term debt by R98 million. Existing commitments of R80 million were repaid during the 2017 financial year. Working capital increased as a result of additional warehouses being opened and accumulation of export orders. Export orders were deferred due to excessive distribution costs being charged. This issue has been resolved post year-end. York ended the 2017 financial year with R159 million cash and has sufficient cash reserves to fund the increase in working capital. Share repurchase programme In compliance with the JSE Limited Listings Requirements (Listings Requirements), the Companies Act of South Africa, 71 of 2008 (Companies Act) and in accordance with the resolution approved by shareholders at the 2016 annual general meeting, York continued to repurchase shares through its subsidiary, Agentimber Proprietary Limited. The repurchased shares total 4,6% of the issued shares. York's Board of Directors ("Board") has complete confidence in the value of the business and will request shareholders to continue supporting the share repurchase programme at the upcoming 2017 annual general meeting. Outlook The insourcing of mechanical harvesting and transport has proven to be very successful and York will continue introducing further appropriate technologies and equipment upgrades. Traditional costs associated with outdated forestry practices are being replaced with better utilisation of capital equipment, fuel load reduction, improvement in tree breeding and enhancing genetic material that responds more effectively to growth sites. Sustainable raw material supply is key to the success of York's growth strategy. South Africa has limited permissible area available to expand its forestry footprint. The Company is therefore engaged in expanding its forestry operations outside of South Africa. The plywood operation is set to deliver the expected results and is currently achieving the defined and required operational specifications. The commissioning of the higher capacity press will allow York to further increase volume output aimed at the export market. It is unfortunate that there has been no announcement for the preferred bidder of the Renewable Energy Independent Power Producer Procurement Programme submitted under the expedited 4b window. York is exploring alternative options to participate in the energy market as this remains a very viable revenue stream. York is expanding its warehouses, with the aim of making its customers successful in challenging market conditions. Consolidated statement of financial position As at As at 30 June 2017 30 June 2016 Audited Audited R'000 R'000 Assets Non-current assets Biological asset (note 5) 2 392 979 1 993 501 Investment property 26 731 26 231 Property, plant and equipment 911 532 852 096 Goodwill 565 442 565 442 Intangible assets 908 1 632 Other financial assets 31 965 19 387 Deferred tax 3 084 3 039 Total non-current assets 3 932 641 3 461 328 Current assets Biological asset (note 5) 435 539 340 826 Inventories 339 693 239 459 Trade and other receivables 206 982 225 516 Current tax receivable 7 749 8 183 Cash and cash equivalents 159 347 286 144 Total current assets 1 149 310 1 100 128 Total assets 5 081 951 4 561 456 Equity and liabilities Equity Share capital 1 480 232 1 486 946 Reserves (489) 91 Retained income 1 512 822 1 145 536 Total equity 2 992 565 2 632 573 Liabilities Non-current liabilities Loans from related parties 1 527 1 350 Cash-settled share-based payments 3 710 3 191 Deferred tax 825 867 687 332 Loans and borrowings 731 498 802 196 Provisions 13 900 13 114 Retirement benefit obligations 25 334 24 010 Total non-current liabilities 1 601 836 1 531 193 Current liabilities Current tax payable 277 2 Loans and borrowings 180 804 91 949 Cash-settled share-based payments 4 370 3 369 Operating lease liability 1 415 80 Trade and other payables 300 684 302 290 Total current liabilities 487 550 397 690 Total liabilities 2 089 386 1 928 883 Total equity and liabilities 5 081 951 4 561 456 Consolidated statement of comprehensive income Year ended Year ended 30 June 2017 30 June 2016 Audited Audited R'000 R'000 Revenue 1 832 805 1 771 049 Cost of sales (1 335 303) (1 270 483) Gross profit 497 502 500 566 Other operating income 11 626 10 837 Other operating (losses)/gains (3 024) 6 758 Administration expenses (354 735) (335 228) Operating profit 151 369 182 933 Fair value adjustments 436 494 195 337 Profit before finance costs 587 863 378 270 Investment income 11 175 11 762 Finance costs (88 595) (56 632) Profit before taxation 510 443 333 400 Taxation (143 157) (95 188) Profit for the year 367 286 238 212 Other comprehensive income: Remeasurement of defined benefit liability (806) (890) Taxation related to components of other comprehensive income 226 249 Other comprehensive income for the year net of taxation (580) (641) Total comprehensive income 366 706 237 571 Basic earnings per share (cents) (note 7) 116 73 Headline earnings per share (cents) (note 8) 116 73 Consolidated statement of cash flows Year ended Year ended 30 June 2017 30 June 2016 Audited Audited R'000 R'000 Cash generated from operations 169 979 284 963 Investment income 11 175 11 762 Finance costs (88 595) (56 632) Taxation paid (3 732) (14 987) Net cash from operating activities 88 827 225 106 Cash flows applied to investing activities Purchase of property, plant and equipment (154 258) (283 241) Proceeds from disposal of property, plant and equipment 307 288 Purchase of investment property - (1 874) Purchase of intangible assets (168) - Proceeds/(repayment) of loans from/to Group companies 177 (155) Purchase of financial assets (32 200) (7 550) Proceeds from sale of financial assets 19 622 30 063 Purchase of biological assets (59 082) (1 384) Proceeds from sale of biological assets 1 384 - Net cash applied to investing activities (224 218) (263 853) Cash flows from financing activities Reduction of share capital or buyback of shares (6 714) (24 992) Net movement in loans and borrowings 18 157 150 785 Net cash from financing activities 11 443 125 793 Total cash movement for the year (123 948) 87 046 Cash at beginning of year 286 144 192 068 Effect of exchange rate movement on cash balances (2 849) 7 030 Cash at end of year 159 347 286 144 Consolidated statement of changes in equity Defined Share Share benefit plan Retained Total capital premium reserve income equity Audited R'000 R'000 R'000 R'000 R'000 Balance as at 1 July 2015 16 377 1 495 561 732 907 324 2 419 994 Profit for the year - - - 238 212 238 212 Other comprehensive income - - (641) - (641) Total comprehensive income for the year - - (641) 238 212 237 571 Purchase of own shares (469) (24 523) - - (24 992) Balance as at 30 June 2016 15 908 1 471 038 91 1 145 536 2 632 573 Profit for the year - - - 367 286 367 286 Other comprehensive income - - (580) - (580) Total comprehensive income for the year and total transactions with owners - - (580) 367 286 366 706 Purchase of own shares (106) (6 608) - - (6 714) Balance as at 30 June 2017 15 802 1 464 430 (489) 1 512 822 2 992 565 Notes to the consolidated annual financial statements 1. Basis of preparation These summarised consolidated annual financial statements have been prepared in accordance with the Listings Requirements, the Companies Act and the Companies Regulations, 2011. The Group has applied the framework concepts and the recognition and measurement requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee, and Financial Reporting Pronouncements, as issued by the Financial Reporting Standards Council, as well as the presentation and disclosure requirements of International Accounting Standard (IAS) 34 Interim Financial Reporting. The financial results have been compiled under the supervision of JPF van Buuren CA(SA), the Chief Financial Officer. These summarised consolidated annual financial statements have been extracted from and do not include all the information required for full annual financial statements, and should be read in conjunction with the audited consolidated annual financial statements for the year ended 30 June 2017, which are available on the Company's website, www.york.co.za, or from the Company's registered office. The directors take full responsibility for the preparation of the summarised consolidated annual financial statements and for the correct extraction of the financial information. These summarised consolidated annual financial statements have been extracted from audited information, but are not audited. The auditor, KPMG Inc., has issued an opinion on the Group's consolidated annual financial statements for the year ended 30 June 2017. The audit was conducted in accordance with International Standards on Auditing. The auditor issued an unmodified audit opinion. The auditor's report does not necessarily report on all of the information contained in this announcement. Shareholders are therefore advised that, in order to obtain a full understanding of the nature of the auditor's engagement, they should obtain a copy of the auditor's report together with the accompanying financial information from the Company's registered office. These summarised consolidated annual financial results have been prepared on the going concern basis and were approved by the Board on 13 September 2017. There have been no material changes to judgements or estimates relating to amounts reported in prior reporting periods. The Group financial results are presented in Rand, which is the Company's functional currency. All financial information presented has been rounded to the nearest thousand. The significant accounting policies and methods of computation are in terms of IFRS and are consistent in all material respects with those applied during the year ended 30 June 2016, except for the new standards that became effective during this financial year. 2. Additional disclosure items 30 Jun 2017 30 Jun 2016 Audited Audited R'000 R'000 Authorised capital commitments - Contracted, but not provided 20 267 59 229 - Not contracted 13 022 32 112 Capital expenditure 154 258 283 241 Depreciation of property, plant and equipment 92 174 56 344 Amortisation of intangible assets 892 1 079 Impairment of trade receivables (1 766) (335) - The Group did not have any litigation settlements during the reporting period. - The banking facility granted by Absa Bank (2016: FirstRand Bank Limited) was secured by a cession of trade receivables and Credit Insurance Solutions (CIS) insurance and cross-suretyships of R154 million with Absa Bank, and R5 million with FirstRand Bank Limited, within the Group. The general banking facility is available to all companies across the Group. - The Group did not have any covenant defaults or breaches of its loan agreements during the period under review or at the reporting date. - No events have occurred between the reporting date and the date of release of these results which require adjustment of or disclosure in these results. - The Company repurchased 2,1 million shares through a subsidiary company within the Group. 3. Comparative figures The summarised consolidated annual financial statements for the year ended 30 June 2016 are presented as previously published. 4. Operating segments The Group has three reportable segments, which are the Group's strategic divisions. The Group operates in three geographical areas, namely South Africa, Southern Africa Development Community (SADC) and non-SADC regions. The segmental analysis is as follows: Prosessing plants Wholesale Forestry Total 2017 R'000 R'000 R'000 R'000 Revenue: external sales 1 245 719 523 233 60 699 1 829 651 Revenue: inter-segment sales 252 837 - 708 406 961 243 Total revenue 1 498 556 523 233 769 105 2 790 894 Depreciation and amortisation (69 269) (1 782) (18 726) (89 777) Reportable segment profit* 137 738 21 759 95 900 255 397 Capital expenditure 110 923 3 426 27 468 141 817 2016 Revenue: external sales 1 227 743 464 958 77 519 1 770 220 Revenue: inter-segment sales 204 926 - 646 253 851 179 Total revenue 1 432 669 464 958 723 772 2 621 399 Depreciation and amortisation (47 964) (1 419) (7 732) (57 115) Reportable segment profit* 124 152 17 171 100 879 242 202 Capital expenditure 286 306 1 088 62 371 349 765 *Being the earnings before interest, taxation, fair value adjustments, depreciation and amortisation (EBITDA) 30 Jun 2017 30 Jun 2016 Audited Audited R'000 R'000 Revenue per geographical area South Africa 1 592 917 1 552 248 Southern Africa Development Community (SADC) 215 602 218 801 International (Non-SADC) 24 286 - Total 1 832 805 1 771 049 Reconciliation of reportable segment profit or loss Total EBITDA for reportable segments 255 397 242 202 Depreciation, amortisation and impairment (94 732) (57 115) Unallocated amounts (9 296) (2 154) Operating profit 151 369 182 933 5. Biological asset 30 Jun 2017 30 Jun 2016 Audited Audited R'000 R'000 Reconciliation of biological asset Opening balance 2 334 327 2 140 067 Fair value adjustment - Increase due to growth and enumerations 349 005 329 011 - Adjustment to standing timber values to reflect fair value at year-end 366 875 189 821 Decrease due to harvesting (279 387) (325 956) Purchased plantations 59 082 1 384 Standing timber harvested (1 384) - Closing balance 2 828 518 2 334 327 Classified as non-current assets 2 392 979 1 993 501 Classified as current assets 435 539 340 826 30 Jun 2017 30 Jun 2016 Audited Audited Key assumptions used in the discounted cash flow valuation Risk-free rate (R186 bond) 8,78% 8,80% Beta factor 1,21 1,12 Cost of equity 16,44% 15,96% Pre-tax cost of debt 10,50% 10,50% Debt:equity ratio 35:65 35:65 After-tax weighted average cost of capital 13,33% 13,02% The additional key assumptions underlying the discounted cash flow (DCF) valuation have been updated as follows: - Volumes: Forecast volumes were updated at the reporting date using a merchandising model. Growth in the DCF model refers to the forecast yield of planted trees at maturity and has increased by less than in the prior year due to changes in temporary unplanted areas and trees per hectare. - Log prices: The price per cubic metre is based on current and future expected market prices per log class. It was assumed that log prices will increase at 6,5% per year over the next year, 6% over the following year and 6% over the long term (2016: 6,5% per year over the next year, 6% over the following year and 6% over the long term). - Operating costs: The costs are based on the unit costs of the forest management activities required to enable the trees to reach the age of felling. The costs include the current and future expected costs of harvesting, maintenance and risk management, as well as an appropriate amount of fixed overhead costs. A contributory asset charge takes into account the cost of property, plant and equipment utilised to generate cash flows from the biological asset over the valuation period. The operating costs exclude the transport costs necessary to get the asset to market. These operating costs have been reviewed and updated to current actual costs. A long-term inflation rate of 5,8% in year one and 6% over the long term was used (2016: 6,15% in year one and 6% over the long term). 6. Related parties The Group's related parties are its subsidiaries and key management, including directors. No change in control occurred in the Company's subsidiaries during the period. 7. Basic earnings per share The calculation of basic earnings per share is based on: 30 Jun 2017 30 Jun 2016 Audited Audited Basic earnings attributable to ordinary shareholders (R'000) 367 286 238 212 Weighted average number of ordinary shares in issue ('000) 317 209 325 286 Earnings per share (cents) 116 73 No change occurred in the number of shares in issue and no instruments had a dilutive effect. A total of 15,2 million shares (2016: 13,1 million shares) have been repurchased by the Group and are held as treasury shares. 8. Headline earnings per share The calculation of headline earnings per share is based on: 30 Jun 2017 30 Jun 2016 Audited Audited R'000 R'000 Reconciliation of basic earnings to headline earnings Basic earnings attributable to ordinary shareholders 367 286 238 212 Loss on sale of assets and liabilities (net of tax) 126 161 Fair value adjustment on investment property (net of tax) - (1 910) Impairment of plant, equipment and vehicles (net of tax) 1 200 1 729 Headline earnings for the year 368 612 238 192 Weighted average number of ordinary shares in issue ('000) 317 209 325 286 Headline earnings per share (cents) 116 73 9. Core earnings per share The calculation of core earnings per share is based on: 30 Jun 2017 30 Jun 2016 Audited Audited R'000 R'000 Basic earnings attributable to ordinary shareholders 367 286 238 212 Fair value adjustment on biological assets (net of tax) (314 276) (138 870) Core earnings for the year 53 010 99 342 Weighted average number of ordinary shares in issue ('000) 317 209 325 286 Core earnings per share (cents) 17 31 10. Board of Directors Mr Dinga Mncube was appointed as acting Chairman of the Board from 16 January 2017 to 6 April 2017 during Dr Myers' recovery from an operation. Dr Myers resumed his role as Chairman of the Board with effect from 6 April 2017. Company information Executive directors: Pieter van Zyl (Chief Executive Officer), Pieter van Buuren (Chief Financial Officer) Non-executive directors: Dr Jim Myers* (Non-executive Chairman, USA), Paul Botha, Dr Azar Jammine*, Shakeel Meer, Dinga Mncube*, Maserame Mouyeme*, Thabo Mokgatlha*, Gavin Tipper* (*independent) Registered office: York Corporate Office: 3 Main Road, Sabie, Mpumalanga Postal address: PO Box 1191, Sabie 1260 Auditors: KPMG Inc. Company secretary: Han-hsiu Hsieh Sponsor: One Capital Transfer secretaries: Computershare Investor Services Proprietary Limited Date: 26/09/2017 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.

NewGold: Notice - Amendment to NewGold Prospectus NEWGOLD ISSUER (RF) LIMITED (Incorporated in the Republic of South Africa) (Registration No. 2004/014119/06) ("NewGold" or the "Company") JSE Share code: GLD NSX Share code: NGNGLD ISIN code: ZAE000060067 ("NewGold ETF") JSE Share code: NGPLT NSX Share code: NGNPLT ISIN code: ZAE000177580 ("NewPlat ETF") JSE Share code: NGPLD NSX Share code: NGNPLD ISIN code: ZAE000182507 ("NewPall ETF") NOTICE: AMENDMENT TO THE NEWGOLD PROSPECTUS The NewGold prospectus issued on 27 October 2004 (the "Prospectus"), stipulates that the custodian for NewGold (the "Custodian") is required to have suitable insurance over the constituent assets of the ETF. The Prospectus contains a requirement for the Custodian to have in place insurance cover over the total value of NewGold's constituent assets. It is not standard market practice for an ETF to have insurance cover over the total value of its constituent assets. NewGold is the only ETF with such insurance cover requirements; the market standard is to have insurance cover relative to the existing risk of loss or damage to the constituent assets. The current level of cover carries a higher premium that will eventually carried to debenture holders. Accordingly, NewGold has applied to, and been granted approval by the JSE Limited to amend the Prospectus, aligning the insurance cover requirement with standard market practice. NewGold intends to amend its Prospectus in the following manner: "In terms of the Custody Agreement, the Custodian is responsible for the secure safe holding of the Gold Bullion belonging to NewGold. NewGold is, however, entitled to inspect the security arrangements at any time to ensure that it conforms with the standards required by its insurers. With regard to insurance, the Custodian is obliged to arrange insurance cover to the reasonable satisfaction of NewGold *[, of such a nature that the interests of NewGold equal to the total value of NewGold's Gold Bullion holdings, is adequately insured]." * Square brackets denote a deletion. The amendment is in effect immediately. For further information please contact - Michael Mgwaba Michael.mgwaba@barclayscapital.com Tel +27 11 895 6852. 26 September 2017 Sponsor Absa Bank Limited (acting through its Corporate and Investment Bank division) Date: 26/09/2017 11:50:00 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.

Annual Report Release Resource Generation Limited Registration number ACN 059 950 337 (Incorporated and registered in Australia) ISIN: AU000000RES1 Share Code on the ASX: RES Share Code on the JSE: RSG ("Resgen" or the "Company") 26 September 2017 ASX Release Annual Report Release Shareholders are advised that Resgen submitted to the Companies Announcements Office of the Australian Securities Exchange the 2017 Annual Report which has been despatched to Australian shareholders and is being despatched to South African shareholders on 26 September 2017. Shareholders can also view the on-line version on the Company's website at http://www.resgen.com.au/investors-and-media/announcements/2017 Contacts Rob Lowe, CEO on +27 12 345 1057 or Mike Meintjes, Company Secretary on +61 413 706 143 Media South Africa Australia Russell and Associates (Marion Brower) Citadel MAGNUS (Martin Debelle) t: +27 11 880 3924 t: +61 2 8234 0100 m: +61 409 911 189 42 Glenhove Rd, Johannesburg 2196, Level 15, 61 York Street, Sydney, Gauteng, South Africa NSW 2000, Australia JSE Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited Resource Generation Limited (Resgen) is an emerging ASX and JSE-listed energy company, currently developing the Boikarabelo Coal Mine in South Africa's Waterberg region. The Waterberg accounts for around 40% of the country's currently known coal resources. The Coal Resources and Reserves for the Boikarabelo Coal Mine, held through the operating subsidiary Ledjadja Coal, were recently updated based upon a new mine plan and execution strategy. The Boikarabelo Coal Resources total 995Mt and the Coal Reserves total 267Mt applying the JORC Code 2012 (ASX Announcement :23 January 2017- in accordance with Listing Rule 5.23.2 the Company confirms that it is not aware of any new information that would impact on the Reported Coal Resources and Coal Reserves). Stage 1 of the mine development targets saleable coal production of 6 million tonnes per annum. Ledjadja Coal is a Black Economic Empowerment subsidiary (BEE) operating under South Africa's Broad- based Black Economic Empowerment Act, Section 9(5): Codes of Good Practice ResGen's primary shareholders are the Public Investment Corporation of South Africa (PIC), Noble Group and Altius Investment Holdings. Registered office Level 1, 17 Station Road Indooroopilly, QLD 4068, Australia Telephone: +27 12 345 1057 Facsimile: +27 12 345 5314 Website: www.resgen.com.au Mailing address South Africa Australia PO Box 5384 PO Box 126 Rietvalleirand 0174 Albion Gauteng, South Africa QLD 4010, Australia Date: 26/09/2017 11:45:00 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.

September 2017 monthly preference share dividend finalisation announcement ECSPONENT LIMITED Incorporated in the Republic of South Africa Registration number: 1998/013215/06 JSE Code: ECS - ISIN: ZAE000179 Ecsponent Pref Share A Ecsponent Pref Share A2 JSE Code: ECSP1 JSE Code: ECSP4 ISIN: ZAE000196317 ISIN: ZAE000202495 ("Series 1 Class A Preference Shares") ("Series 2 Class A Preference Shares") Ecsponent Pref Share A3 Ecsponent Pref Share A4 JSE Code: ECSP7 JSE Code: ECSP10 ISIN: ZAE000210480 ISIN: ZAE000217196 ("Series 3 Class A Preference Shares") ("Series 4 Class A Preference Shares") Ecsponent Pref Share A5 JSE Code: ECSP13 ISIN: ZAE000244844 ("Series 5 Class A Preference Shares") (collectively "Class A Preference Shares") Ecsponent Pref Share C Ecsponent Pref Share C2 JSE Code: ECSP3 JSE Code: ECSP6 ISIN: ZAE000196291 ISIN: ZAE000202511 ("Series 1 Class C Preference Shares") ("Series 2 Class C Preference Shares") Ecsponent Pref Share C3 Ecsponent Pref Share C4 JSE Code: ECSP9 JSE Code: ECSP12 ISIN: ZAE000210506 ISIN; ZAE000218525 ("Series 3 Class C Preference Shares") ("Series 4 Class C Preference Shares") Ecsponent Pref Share C5 Ecsponent Pref Share C6 JSE Code: ECSP15 JSE Code: ECSP18 ISIN; ZAE000222501 ISIN; ZAE000231205 ("Series 5 Class C Preference Shares") ("Series 6 Class C Preference Shares") Ecsponent Pref Share C7 Ecsponent Pref Share C8 JSE Code: ECSP21 JSE Code: ECSP24 ISIN: ZAE000241725 ISIN: ZAE000246757 ("Series 7 Class C Preference Shares") ("Series 8 Class C Preference Shares") (collectively "Class C Preference Shares") SEPTEMBER 2017 MONTHLY PREFERENCE SHARE DIVIDEND FINALISATION ANNOUNCEMENT Further to the announcement released by the Company on 14 November 2016 (dividend dates announcement), holders of Class A Preference Shares and holders of Class C Preference Shares are hereby advised that the dividend per share amount, to be paid on 16 October 2017, has been finalised. Notice is hereby given of the declaration of the following preference dividends in respect of the period commencing on 12 September 2017 and ending on the date dividends start trading ex-dividend, being 10 October 2017: - in respect of the Class A Preference Shares, a dividend at the rate of 10% per annum; and - in respect of the Class C Preference Shares, a dividend at the rate of 14.25% per annum (being the prime rate plus 4%), the per share amounts of which have been disclosed below. Relevant dates in relation to this dividend payment are set out below: Last day to trade to appear in the register on Record Date Tuesday, 10 October 2017 Preference shares start trading ex-dividend Wednesday, 11 October 2017 Record Date Friday, 13 October 2017 Payment Date Monday, 16 October 2017 In accordance with the requirements of Strate, no share certificates may be dematerialised or rematerialised, between the date that the Preference Shares start trading ex-dividend, and the Record Date. In terms of the Listings Requirements of the JSE, the following additional information is provided: 1. The dividends have been declared from income reserves; 2. The dividend withholding tax rate is 20%; 3. The gross local dividend amounts and the net local dividend amount payable to Preference Shareholders that are subject to dividends withholding tax is set out below: Class A Preference Share Class C Preference Share Gross local dividend amount (cents per share) 76.71233 109.31507 Net local dividend amount (cents per share) 61.36986 87.45206 4. The issued preference share capital in respect of the Series 1 Class A Preference Shares and the Series 1 Class C Preference Shares is as follows as at the date of this announcement: 4.1. 61 332 Series 1 Class A Preference Shares with a total issued capital of R5 420 099.12; and 4.2. 247 100 Series 1 Class C Preference Shares with a total issued capital of R24 710 000. 5. The issued preference share capital in respect of the Series 2 Class A Preference Shares and the Series 2 Class C Preference Shares is as follows as at the date of this announcement: 5.1. 246 946 Series 2 Class A Preference Shares with a total issued capital of R23 486 000; and 5.2. 1 175 170 Series 2 Class C Preference Shares with a total issued capital of R117 517 000. 6. The issued preference share capital in respect of the Series 3 Class A Preference Shares and the Series 3 Class C Preference Shares is as follows as at the date of this announcement: 6.1. 50 347 Series 3 Class A Preference Shares with a total issued capital of R4 766 000; and 6.2. 1 180 016 Series 3 Class C Preference Shares with a total issued capital of R118 001 600. 7. The issued preference share capital in respect of the Series 4 Class A Preference Shares and the Series 4 Class C Preference Shares is as follows as at the date of this announcement: 7.1. 96 784 Series 4 Class A Preference Shares with a total issued capital of R9 365 900; and 7.2. 747 063 Series 4 Class C Preference Shares with a total issued capital of R74 706 300. 8. The issued preference share capital in respect of the Series 5 Class C Preference Shares is as follows as at the date of this announcement: 8.1. 115 110 Series 5 Class A Preference Shares with a total issued capital of R11 511 000; and 8.2. 1 171 989 Series 5 Class C Preference Shares with a total issued capital of R117 198 900. 9. The issued preference share capital in respect of the Series 6 Class C Preference Shares is as follows as at the date of this announcement: 9.1. 1 345 819 Series 6 Class C Preference Shares with a total issued capital of R134 581 900. 10. The issued preference share capital in respect of the Series 7 Class C Preference Shares is as follows as at the date of this announcement: 10.1. 980 157 Series 7 Class C Preference Shares with a total issued capital of R98 015 700. 11. The issued preference share capital in respect of the Series 8 Class C Preference shares is as follows as at the date of this announcement: 11.1 262 200 Series 8 Class C Preference Shares with a total issued capital of R26 220 000 12. The Company may issue additional Preference Shares prior to the last day to trade date. 13. Ecsponent's income tax number is 9235/264/84/4. Pretoria 26 September2017 Sponsor Questco Proprietary Limited Date: 26/09/2017 11:32:00 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.

Listing Of Additional AfricaPalladium Debentures Africa ETF Issuer Limited (RF) (Incorporated in the Republic of South Africa) (Registration No. 2013/022008/06 Share code: ETFPLD and ENXPLD (NSX) ISIN code: ZAE000182531 (Africa ETF) Listing of additional AfricaPalladium debentures - ETFPLD Africa ETF has, from commencement of 26 September 2017, issued an additional 200,000 AfricaPalladium debentures at an approximate issue price of R120.06 per additional AfricaPalladium debentures, following subscriptions in respect of approximately 1,972.090 troy ounces of Palladium. After the additional issue, there will be 50,200,000 AfricaPalladium debentures in issue, referencing approximately 502,907.012 fine troy ounces of Palladium. 26/09/2017 Sponsor The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division. Date: 26/09/2017 11:17:00 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.

Dealing In Securities By A Director And An Associate Of A Director GRAND PARADE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 1997/003548/06) Share code: GPL ISIN: ZAE000119814 ("GPI" or "the company") DEALING IN SECURITIES BY A DIRECTOR AND AN ASSOCIATE OF A DIRECTOR In compliance with rules 3.63 to 3.74 of the JSE Limited's Listings Requirements, the following information is disclosed: NAME OF DIRECTOR Hassen Adams COMPANY OF WHICH A DIRECTOR Grand Parade Investments Limited STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE OF SECURITIES GPI shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 20 September 2017 CENTS PER SHARE 250 NUMBER OF SECURITIES 194 759 TRANSACTED TOTAL RAND VALUE OF R 486 897.50 SECURITIES NATURE OF TRANSACTION Purchase (On-market transaction) NATURE AND EXTENT OF INTEREST Direct beneficial IN THE TRANSACTION CLEARANCE OBTAINED Yes NAME OF DIRECTOR Alex Abercrombie COMPANY OF WHICH A DIRECTOR Grand Parade Investments Limited STATUS: EXECUTIVE/NON- Non-executive EXECUTIVE TYPE OF SECURITIES GPI shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 21 September 2017 CENTS PER SHARE High:249 Low: 247 Ave: 248 NUMBER OF SECURITIES 500 000 TRANSACTED TOTAL RAND VALUE OF R1 238 003.62 SECURITIES NATURE OF TRANSACTION An associate of the director has purchased the shares set out in this notice. (On-market transaction) NAME OF ASSOCIATE Rednaxela Proprietary Limited RELATIONSHIP WITH DIRECTOR Director and shareholder of Rednaxela Proprietary Limited NATURE AND EXTENT OF INTEREST Indirect beneficial IN THE TRANSACTION CLEARANCE OBTAINED Yes 26 September 2017 Cape Town Sponsor PSG Capital Date: 26/09/2017 11:00:00 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.

Dividend Finalisation Announcement CAPITAL & REGIONAL PLC (Incorporated in the United Kingdom) (UK company number 01399411) LSE share code: CAL JSE share code: CRP ISIN: GB0001741544 ("Capital & Regional" or "the Company") DIVIDEND FINALISATION ANNOUNCEMENT As previously announced on 10 August 2017 the Company has declared an Interim dividend of 1.73 pence per share (the "Dividend"), to be paid 100% as a property income distribution ("PID"). Shareholders on the South African ("SA") share register are advised that the South African Rand exchange rate for the dividend will be 17.962 ZAR to 1.00 GBP (the "Exchange Rate"), resulting in a gross local dividend amount of 31.07426 ZAR cents per share. The Directors are offering a scrip alternative ("scrip alternative") to the Dividend, further details of which are contained in the Scrip Dividend Rules available from http://capreg.com/investor-info/scrip/ and from the Company's Registrars. A cash dividend will be paid to shareholders unless they elect to receive the scrip alternative. Capitalised terms used in this announcement will be the same meaning as defined in the Scrip Dividend Rules. (i) Shareholders receiving the dividend in cash: Shareholders who do not elect to receive New Ordinary Shares pursuant to the Scrip Dividend Scheme will be paid a cash dividend per share as follows: Shareholders on the Shareholders on the UK share register SA share register PID element (gross) 1.73 pence 31.07426 ZAR cents *Less 20% withholding tax 0.346 pence 6.21485 ZAR cents PID element (net) 1.384 pence 24.85941 ZAR cents * Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross. (ii) Shareholders who elect to take shares: The Scrip Calculation Price for shareholders who hold their shares on the Company's UK share register ("LSE shareholders") is 55.07 pence, being the average of the middle market quotations of an Ordinary Share derived from the Daily Official List of the LSE for the last five dealing days ending on 25 September 2017, less the gross amount of the Dividend per share. The Scrip Calculation Price for JSE shareholders is 9.89167 ZAR, being the Scrip Calculation Price for LSE shareholders, converted to Rand at the Exchange Rate. The number of New Ordinary Shares to be allocated to shareholders electing to participate in the Scrip Dividend Scheme will be calculated by dividing the net value of the Dividend otherwise receivable by a Shareholder by the Scrip Calculation Price and rounding down to the nearest whole number. As no fraction of a new share will be issued, for LSE shareholders any residual Cash Balance, i.e. the total value of the dividend receivable less the value of the shares allocated, will be rolled forward and factored into the Scrip calculation for the next relevant Dividend. For JSE shareholders, any residual Cash Balance will be paid in cash in the same way as the Dividend would have been paid had those shareholders not elected to receive the scrip alternative. By way of illustration, a shareholder who holds 1,000 shares and whose dividend payment is subject to 20% withholding tax, and who elects to receive New Ordinary Shares pursuant to the Scrip Dividend Scheme, will receive a number of New Ordinary Shares calculated as follows: LSE Shareholders JSE Shareholders Net amount of PID dividend entitled to receive (per (i) above x 1,000): £13.84 248.59410 ZAR Scrip Calculation Price £0.55070 9.89167 ZAR Calculated number of new shares to which shareholder is entitled (assuming no cash residual balance brought forward) 25.13165 25.13166 Actual number of new shares received 25 25 Cash Balance* (multiply fractional entitlement by Scrip Calculation Price) £0.07 1.30 ZAR * For JSE shareholders to be paid a Cash Balance, the Cash Balance has been determined with reference to the net (after taking UK withholding tax into account) PID dividend to which a shareholder is entitled. TIMETABLE The key dates in relation to the payment of the Dividend are: 2017 Last day to trade (JSE shareholders) Tuesday, 3 October Shares trade ex-dividend on the JSE Wednesday, 4 October Shares trade ex-dividend on the LSE Thursday, 5 October Record date Friday, 6 October Closing date to elect to receive the scrip alternative (JSE and LSE shareholders) Friday, 6 October Announcement of the total amount of new shares to be issued Monday, 16 October Dispatch of share certificates, payment of cash dividend and residual cash balances (if Thursday, 26 October applicable), CREST/CSDP/broker accounts credited/updated and new shares listed Notes: - JSE shareholders will receive a cash dividend in South African Rand, based on the conversion rate. - Share certificates (in respect of shares held on the South African register) may not be demateriliased or rematerialised between Wednesday, 4 October 2017 and Friday, 6 October 2017, both days inclusive. - Transfers of shares between sub-registers in the United Kingdom and South Africa may not take place between Tuesday, 26 September 2017 and Friday, 6 October 2017, both days inclusive. - Shareholders should note that new shares should not be traded until they are issued or reflected in their respective accounts. TAX IMPLICATIONS FOR JSE SHAREHOLDERS Cash PID SA dividends tax, at a rate of 20%, will apply to cash PIDs to the extent that the Company shares are held on the SA share register, unless the beneficial owner of the dividend is exempt from dividends tax (e.g. if it is a South African resident company). A 20% UK withholding tax will be deducted from cash PIDs. The Company will account to Her Majesty's Revenue & Customs ("HMRC") in sterling for the total UK withholding tax deducted. Under the double tax agreement between the UK and South Africa ("the DTA"), the maximum tax payable in the UK is 15%. South African resident shareholders are therefore entitled to claim a 5% rebate from HMRC in terms of the DTA. Accordingly, only 15% of the UK withholding tax may be claimed as a rebate against the 20% SA dividends tax. In summary, therefore, 20% will be withheld in the UK, a further 5% will be withheld in SA (where appropriate), but South African resident shareholders will be entitled to claim back 5% from HMRC which will bring the overall total to 20%. New shares issued pursuant to the scrip alternative A 20 per cent UK withholding tax will have been deducted in calculating the number of new shares issued to shareholders in terms of the Scrip Dividend Scheme. On application by a JSE shareholder, a 5% rebate is claimable from HMRC, resulting in an effective UK withholding tax rate of 15%. As new shares issued pursuant to the scrip alternative should not constitute dividends or foreign dividends, dividends tax does not apply to that part of any dividend satisfied by the issue of new shares where such new shares are provided in lieu of the dividend. Cash balances paid are expected to be taxed as a cash PID, as set out above. UK taxation The receipt of the cash dividend or election to receive the scrip alternative may have tax implications for shareholders who are resident in the United Kingdom or other countries and such shareholders are advised to obtain appropriate advice from their professional advisors in this regard. 26 September 2017 JSE sponsor Java Capital Notes to editors: About Capital & Regional plc Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a c. GBP 1 billion portfolio of in-town dominant community shopping centres. Capital & Regional is listed on the main market of the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange. Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch. Capital & Regional manages these assets, which comprise over 900 lettable units and attract c. 1.7 million shopping visits each week, through its in-house expert property and asset management platform. For further information see www.capreg.com. Date: 26/09/2017 11:00:00 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.

Standard Form For Notification Of Major Holdings SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 Share Code: SRE ISIN Code: ISIN GG00B1W3VF54 TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- Sirius Real Estate Ltd tachedii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer X 2. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify)iii: 3. Details of person subject to the notification obligationiv Name BlackRock, Inc. City and country of registered office (if applicable) Wilmington, DE, USA 4. Full name of shareholder(s) (if different from 3.)v Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or 22/09/2017 reachedvi: 6. Date on which issuer notified (DD/MM/YYYY): 25/09/2017 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights at- Total number of through financial instru- Total of both in % tached to shares (to- voting rights of is- ments (8.A + 8.B) tal of 8. A) suervii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which 4.96% 0.87% 5.83% 926,153,673 threshold was crossed or reached 1 Position of previous notification (if 5.46% 0.37% 5.83% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of Number of voting rightsix % of voting rights shares ISIN code (if possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) GG00B1W3VF54 45,940,193 4.96% SUBTOTAL 8. A 45,940,193 4.96% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights Type of financial in- Expiration Exercise/ that may be acquired if % of voting rights strument datex Conversion Periodxi the instrument is exercised/converted. Securities Lending 8,136,543 0.87% SUBTOTAL 8. B 1 8,136,543 0.87% B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Physical or Type of financial Expiration Number of Conversion Pe- cash % of voting rights instrument datex voting rights riod xi settlementxii SUBTOTAL 8.B.2 2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv X (please add additional rows as necessary) % of voting rights % of voting rights if it Total of both if it through financial in- equals or is higher equals or is higher Namexv struments if it equals than the notifiable than the notifiable or is higher than the threshold threshold notifiable threshold See Attachment 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional informationxvi BlackRock Regulatory Threshold Reporting Team Jana Blumenstein 020 7743 3650 Place of completion 12 Throgmorton Avenue, London, EC2N 2DL, U.K. Date of completion 25 September, 2017 3 Section 9 Attachment % of voting rights Total of both if % of voting rights if through financial it equals or is it equals or is instruments if it Namexv higher than the higher than the no- equals or is higher notifiable tifiable threshold than the notifiable threshold threshold BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock Group Limited BlackRock Investment Management (UK) 4.65% 0.44% 5.10% Limited BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock Group Limited BlackRock Advisors (UK) Limited LEI: 213800NURUF5W8QSK566 26 September 2017. JSE Sponsor: PSG Capital 4 Date: 26/09/2017 10:45:00 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.

MBF052 - Maturity Announcement Mercedes-Benz South Africa Limited (Incorporated in the Republic of South Africa) (Registration No. 1962/000271/06) Company code: MEC Bond code: MBF052 ISIN: ZAG000139643 ("Mercedes-Benz") MATURITY ANNOUNCEMENT In accordance with the Terms and Conditions of Mercedes Benz MBF052 Applicable Pricing Supplement, investors are herewith advised of the following maturity of notes. Bond Code: MBF052 Books Close Date: 18 September 2017 Maturity Date: 28 September 2017 Final Maturity Amount: ZAR600,000,000.00, which represents 100% of the current notes in issue The payment date is 28 September 2017 in accordance with the applicable date convention. 26 September 2017 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 26/09/2017 10:20:00 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.

Finalisation Announcement relating to the Change of Name PREMIER FOOD AND FISHING LIMITED (previously Sekunjalo Industrial Holdings Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number 1998/018598/06) Share code: PFF, ISIN: ZAE000238309 ("PFF" or "the Company") FINALISATION ANNOUNCEMENT RELATING TO THE CHANGE OF NAME 1. INTRODUCTION 1.1. Shareholders are referred to the SENS announcements released by PFF on 8 August 2017 and 14 September 2017, advising that the proposed name change of PFF to Premier Fishing and Brands Limited ("Change of Name") was approved by shareholders. 1.2. The special resolution for the Change of Name was placed on file by the Companies and Intellectual Property Commission. Accordingly the following dates are confirmed: 2017 Last day to trade prior to the Change of Name Tuesday, 3 October trading ex Termination date for trading under the name of Wednesday, 4 October "Premier Food and Fishing Limited" and commencement of trading under the new name "Premier Fishing and Brands Limited", under share code "PFB", short name "PFB" and ISIN ZAE000247516 from the commencement of trade Record date for the Change of Name Friday, 6 October Date that the accounts of Dematerialised Monday, 9 October Shareholders with their CSDP's or brokers will be updated with the new name Date that new share certificates will be issued Monday, 9 October to Certificated Shareholders, posted by registered post, at their risk Cape Town 26 September 2017 PSG Capital Proprietary Limited Transaction Advisor and Sponsor Cliffe Dekker Hofmeyr Incorporated Attorneys Date: 26/09/2017 10:15:00 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.

General Offer becomes unconditional as to acceptances and update regarding the Transaction SOVEREIGN FOOD INVESTMENTS LIMITED Incorporated in the Republic of South Africa Registration number 1995/003990/06 JSE Code: SOV ISIN: ZAE000009221 ("Sovereign") GENERAL OFFER BECOMES UNCONDITIONAL AS TO ACCEPTANCES AND UPDATE REGARDING THE TRANSACTION Unless otherwise defined, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the combined offer circular to Sovereign shareholders, dated Thursday, 7 September 2017 ("Circular"). 1. Introduction Sovereign Shareholders are referred to the Circular accompanied by the Bidco Prospectus (collectively, the "Offer Documents"), in terms of which Sovereign Shareholders were advised of the two separate but concurrent offers by Bidco to acquire all or a portion of the Sovereign Shares in issue, excluding Treasury Shares, by way of the Scheme, or the General Offer. 2. General Offer has become unconditional as to acceptances In terms of the Circular, Sovereign Shareholders were informed that implementation of the General Offer is conditional upon, inter alia, Eligible Shareholders accepting the General Offer in respect of so many Offer Shares as will result in Bidco acquiring more than 50% of all the Sovereign Shares in issue, excluding Treasury Shares. Sovereign Shareholders are advised, in accordance with Regulation 105(1), that: • Eligible Shareholders holding 41 095 193 Offer Shares, constituting 54.37% of all the Sovereign Shares in issue, excluding Treasury Shares, have accepted the General Offer; and • as at the date of this announcement, Bidco does not hold any Sovereign Shares. Accordingly, the General Offer has become unconditional as to acceptances. The General Offer however remains subject to the fulfilment or waiver of the other General Offer Conditions as more fully set out in the Circular. 3. Update regarding the Transaction The Scheme remains subject to the fulfilment or waiver of the Scheme Conditions. In the event that the Scheme becomes operative, the General Offer will lapse, alternatively, if the Scheme does not become operative and the General Offer becomes wholly unconditional, the General Offer will be implemented. To obtain a thorough understanding of the Offer and the Delisting, Sovereign Shareholders are advised to refer to the full terms and conditions pertaining thereto, as set out in the Offer Documents. 4. The Independent Board and Sovereign Board responsibility statement The Independent Board and Sovereign Board (to the extent that the information relates to Sovereign and the Offer) collectively and individually accept responsibility for the information contained in this announcement and certify that, to the best of their knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything that is likely to affect the import of such information. 5. Capitalworks and Bidco board responsibility statement Capitalworks and the board of directors of Bidco (to the extent that the information relates to Capitalworks, Bidco and the Offer) collectively and individually accept responsibility for the information contained in this announcement and certify that, to the best of their knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything that is likely to affect the import of such information. Port Elizabeth, Johannesburg 26 September 2017 Corporate advisor to Sovereign and the Independent Board One Capital Advisory Proprietary Limited Transaction sponsor to Sovereign One Capital Sponsor Services Proprietary Limited Attorneys to Sovereign and the Independent Board Cliffe Dekker Hofmeyr Inc. Corporate advisor to Capitalworks and Bidco One Capital Advisory Proprietary Limited Attorneys to Capitalworks and Bidco Cliffe Dekker Hofmeyr Inc. Independent sponsor to Sovereign Deloitte & Touche Sponsor Services Proprietary Limited Disclaimer This announcement shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the securities described herein, in any jurisdiction, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction or without an exemption from the registration or qualification requirements under the securities laws of such jurisdiction. The distribution of this announcement in certain jurisdictions may be restricted by applicable law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions. Date: 26/09/2017 10:10:00 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.

Announcement of finalisation information in respect of the final distribution for the year ended 30 June 2017 MAS Real Estate Inc. Registered in the British Virgin Islands Registration number 1750199 Registered as an external company in the Republic of South Africa Registration number 2010/000338/10 SEDOL (EMTF): B96VLJ5 SEDOL (JSE): B96TSD2 JSE share code: MSP ISIN: VGG5884M1041 LEI code: 213800T1TZPGQ7HS4Q13 ("MAS" or "the Company") ANNOUNCEMENT OF FINALISATION INFORMATION IN RESPECT OF THE FINAL DISTRIBUTION FOR THE YEAR ENDED 30 JUNE 2017 Shareholders are referred to the distribution declaration announced on 13 September 2017 (the "Distribution") and are advised that shareholders on the South African share register who elect to receive the Distribution by way of a cash payment (the "Cash Distribution") in lieu of an issue of new ordinary shares of no par value in MAS ("New Shares") will receive their Cash Distribution in South African rand converted from euro at the closing spot exchange as at Friday, 22 September 2017 of EUR1.00 : ZAR15.8359 (the "Conversion Rate"). Accordingly, the Distribution of 3.19 euro cents per share will be equal to 50.51652 ZAR cents per share. The number of New Shares to which shareholders are entitled will be determined with reference to the ratio that 3.19 euro cents per share bears to the relevant share price (the "Ratio Price"). The Ratio Price is a five percent discount to the five-day volume weighted average price of MAS shares on the JSE at the close of business on Friday, 22 September 2017, converted to euro at the Conversion Rate . The Ratio Price applicable to MAS shareholders is 166.79349 euro cents per share. Shareholders will receive New Shares in the ratio of 1.91254 New Shares for every 100 MAS shares held by the shareholder at the record date, being Friday, 6 October 2017. The information provided in this paragraph is only of direct application to shareholders on the South African share register. The gross local distribution amount is 50.51652 ZAR cents per share for shareholders exempt from paying South African dividends tax. The net local distribution amount is 40.41322 ZAR cents per share for shareholders liable to pay dividends tax at a rate of 20%. Should all shareholders receive the New Shares, pursuant to a return of capital, the maximum amount of New Shares to be issued is 10,667,376. If all shareholders were to receive the Cash Distribution, the value of the Distribution would amount to EUR 17,792,489.36 and would be funded from the company's distributable reserves. MAS is listed on both the Main Board of the JSE and on the Euro MTF market of the LuxSE. 26 September 2017 For further information please contact: Telephone Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625 000 Java Capital, South African corporate advisor and JSE sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg +352 263 868 602 Date: 26/09/2017 10:00:00 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.

TRP121: Notification of disposal of beneficial interest in securities CONSOLIDATED INFRASTRUCTURE GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 2007/004935/06) JSE share code: CIL ISIN: ZAE000153888 ("Consolidated Infrastructure" or "the company") TRP121: NOTIFICATION OF DISPOSAL OF BENEFICIAL INTEREST IN SECURITIES In compliance with section 122(3)(b) of the Companies Act 71 of 2008 ("the Companies Act"), regulation 121(2)(b) of the Companies Act Regulations 2011 and paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Consolidated Infrastructure has received notification from Investec Asset Management Holdings Proprietary Limited ("IAM") of the disposal by IAM (on behalf of segregated clients) of Consolidated Infrastructure shares, such that IAM's total beneficial interest (on behalf of segregated clients) in the company is now 4.9447% of Consolidated Infrastructure's issued shares. As required in terms of section 122(3)(a) of the Companies Act, Consolidated Infrastructure has filed the required notice with the Takeover Regulation Panel. 26 September 2017 Sponsor Java Capital Date: 26/09/2017 09:50:00 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.

No Change Statement and Notice of Annual General Meeting PUTPROP LIMITED Incorporated in the Republic of South Africa (Registration number 1988/001085/06) Share code: PPR ISIN: ZAE000072310 ("Putprop" or "the Company") NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the integrated annual report for the year ended 30 June 2017 ("integrated annual report") was distributed to shareholders today, 26 September 2017 and contains no modifications to the Summarised Consolidated Results published on SENS on 19 September 2017. The integrated annual report is also available on the Company's website, www.putprop.co.za. Notice is hereby given that the annual general meeting of shareholders of Putprop will be held at 11:00 on Wednesday, 8 November 2017 at the registered office of the Company at 91 Protea Road, Chislehurston, Sandton to transact the business stated in the notice of the annual general meeting, which is contained in the integrated annual report. The board of directors of the Company determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, 71 of 2008, as amended, the record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at the annual general meeting is Friday, 3 November 2017. Accordingly, the last day to trade Putprop shares in order to be recorded in the register to be entitled to vote will be Tuesday, 31 October 2017. Johannesburg 26 September 2017 Sponsor Merchantec Capital Date: 26/09/2017 09:44:00 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.

Summarised audited consolidated annual financial statements for the year ended 30 June 2017 AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng", "the Company" or "the Group") Summarised audited consolidated annual financial statements for the year ended 30 June 2017 Salient features - financial performance for the period ended 30 June 2017 - Revenue R23,4 billion Decrease mainly due to QCLNG award and uncertified revenue write-down of R5,1 billion from R33,8 billion at June 2016 - South African government settlement R165 million R21,25 million payment per annum for 12 years - Net operating loss R5,4 billion Decrease from R146 million earnings at June 2016 - Operating free cash flow R308 million outflow Improvement from R1 125 million outflow at June 2016 - Headline loss per share 1 625,3 cents Decrease from 75,2 cents at June 2016 - Claims, uncertified revenue and other write-downs - non-cash impact R5,1 billion Relating to QCLNG award and uncertified revenue and other claims - Operating costs R503 million (18%) Decrease from R2,8 billion at June 2016 - Headline loss R6,4 billion Decrease from R299 million at June 2016 - Loss per share 1 690,6 cents Decrease from 25,4 cents at June 2016 - Two-year order book R29,9 billion Improvement from R27,7 billion at December 2016 Net operating earnings / (loss) - segmental analysis FY2017 FY2016 Change Rm Rm % South Africa and rest of Africa (392) (148) amp;gt;(100) Aveng Grinaker-LTA (399) (342) (17) Aveng Capital Partners 7 194 (96) Australasia and Asia (4 370) 14 amp;gt;(100) Total Construction and Engineering (4 762) (134) amp;gt;(100) Mining 219 276 (21) Manufacturing and Processing (3) (70) 96 Aveng Steel 50 (166) amp;gt;100 Aveng Manufacturing (53) 96 amp;gt;(100) Other and Eliminations (849) 74 amp;gt;(100) Net operating (loss) / earnings (5 395) 146 amp;gt;(100) Loss attributable to equity-holders of the parent (6 708) (101) amp;gt;(100) Headline loss (6 449) (299) amp;gt;(100) Summarised statement of financial position as at 30 June 2017 2017 2016 Notes Rm Rm ASSETS Non-current assets Goodwill arising on consolidation 342 342 Intangible assets 271 325 Property, plant and equipment 4 611 4 843 Equity-accounted investments 334 100 Infrastructure investments 265 177 Deferred taxation 9 1 290 1 858 Amounts due from contract customers 10 756 1 417 7 869 9 062 Current assets Inventories 2 085 2 211 Derivative instruments 2 20 Amounts due from contract customers 10 3 712 8 047 Trade and other receivables 1 840 2 058 Taxation receivable 61 - Cash and bank balances 1 996 2 450 9 696 14 786 Non-current assets held-for-sale 122 1 484 TOTAL ASSETS 17 687 25 332 EQUITY AND LIABILITIES Equity Share capital and share premium 2 009 2 009 Other reserves 1 060 1 821 Retained earnings 2 981 9 689 Equity attributable to equity-holders of parent 6 050 13 519 Non-controlling interest 8 37 Total equity 6 058 13 556 Liabilities Non-current liabilities Deferred taxation 9 319 266 Borrowings and other liabilities 11 1 945 1 770 Payables other than contract-related 12 133 - Employee-related payables 312 379 2 709 2 415 Current liabilities Amounts due to contract customers 10 1 351 1 322 Borrowings and other liabilities 11 1 121 1 214 Payables other than contract-related 12 21 - Employee-related payables 501 559 Derivative instruments 17 27 Trade and other payables 5 909 5 886 Taxation payable - 106 8 920 9 114 Non-current liabilities held-for-sale - 247 TOTAL LIABILITIES 11 629 11 776 TOTAL EQUITY AND LIABILITIES 17 687 25 332 Summarised statement of comprehensive earnings for the year ended 30 June 2017 2017 2016 Notes Rm Rm Revenue 23 456 33 755 Cost of sales (26 591) (31 260) Gross earnings (3 135) 2 495 Other earnings 206 591 Operating expenses (2 305) (2 808) Earnings/(loss) from equity-accounted investments 4 (132) Operating (loss)/earnings (5 230) 146 South African government settlement (165) - Net operating (loss)/earnings (5 395) 146 Impairment/loss on derecognition of property, plant and equipment and intangible assets 7 (278) (333) Profit on sale of property, plant and equipment 4 592 (Loss)/earnings before financing transactions (5 669) 405 Finance earnings 198 211 Interest on convertible bonds (237) (225) Other finance expenses (405) (327) (Loss)/earnings before taxation (6 113) 64 Taxation 13 (626) (129) Loss for the period (6 739) (65) Other comprehensive earnings Other comprehensive earnings to be reclassified to earnings or loss in subsequent periods (net of taxation): Exchange differences on translating foreign operations (773) 786 Other comprehensive (loss)/earnings for the period, net of taxation (773) 786 Total comprehensive (loss)/earnings for the period (7 512) 721 Total comprehensive (loss)/earnings for the period attributable to: Equity-holders of the parent (7 481) 676 Non-controlling interest (31) 45 (7 512) 721 (Loss)/earnings for the period attributable to: Equity-holders of the parent (6 708) (101) Non-controlling interest (31) 36 (6 739) (65) Other comprehensive earnings for the period, net of taxation Equity-holders of the parent (773) 777 Non-controlling interest - 9 (773) 786 Results per share (cents) Loss - basic (1 690,6) (25,4) Loss - diluted (1 668,2) (25,1) Number of shares (millions) In issue 416,7 416,7 Weighted average 396,8 397,4 Diluted weighted average 402,1 402,1 EBITDA for the Group, being net operating earnings before interest, tax, depreciation and amortisation is R (4 740) million (June 2016: R969 million). Summarised statement of changes in equity for the year ended 30 June 2017 Equity- Total Foreign settled Conver- share currency share- tible capital trans- based bond Share Share and lation payment equity capital premium premium reserve reserve reserve Rm Rm Rm Rm Rm Rm Balance at 1 July 2015 20 2 003 2 023 757 15 390 Loss for the period - - - - - - Other comprehensive earnings for the period (net of taxation) - - - 777 - - Total comprehensive earnings for the period - - - 777 - - Purchase of treasury shares - (23) (23) - - - Equity-settled share-based payment release - 9 9 - (9) - Equity-settled share-based payment charge - - - - 13 - Transfer of convertible bond option to convertible Recognition of deferred tax on convertible bond - - - - - (122) Decrease in equity investment - - - - - - Dividends paid - - - - - - Total contributions and distributions recognised - (14) (14) - 4 (122) Balance at 1 July 2016 20 1 989 2 009 1 534 19 268 Loss for the period - - - - - - Other comprehensive loss for the period (net of taxation) - - - (773) - - Total comprehensive loss for the period - - - (773) - - Equity-settled share-based payment charge - - - - 12 - Decrease in equity investment - - - - - - Dividends paid - - - - - - Total contribution and distributions recognised - - - - 12 - Balance at 30 June 2017 20 1 989 2 009 761 31 268 Total attri- butable to equity- Total holders Non- other Retained of the controlling Total reserves earnings parent interest equity Rm Rm Rm Rm Rm Balance at 1 July 2015 1 162 9 790 12 975 23 12 998 Loss for the period - (101) (101) 36 (65) Other comprehensive earnings for the period (net of taxation) 777 - 777 9 786 Total comprehensive earnings for the period 777 (101) 676 45 721 Purchase of treasury shares - - (23) - (23) Equity-settled share-based payment release (9) - - - - Equity-settled share-based payment charge 13 - 13 - 13 Transfer of convertible bond option to convertible Recognition of deferred tax on convertible bond (122) - (122) - (122) Decrease in equity investment - - - (29) (29) Dividends paid - - - (2) (2) Total contributions and distributions recognised (118) - (132) (31) (163) Balance at 1 July 2016 1 821 9 689 13 519 37 13 556 Loss for the period - (6 708) (6 708) (31) (6 739) Other comprehensive loss for the period (net of taxation) (773) - (773) - (773) Total comprehensive loss for the period (773) (6 708) (7 481) (31) (7 512) Equity-settled share-based payment charge 12 - 12 - 12 Decrease in equity investment - - - 5 5 Dividends paid - - - (3) (3) Total contribution and distributions recognised 12 - 12 2 14 Balance at 30 June 2017 1 060 2 981 6 050 8 6 058 Summarised statement of cash flows for the year ended 30 June 2017 2017 2016 Notes Rm Rm Operating activities Cash (utilised)/retained from operations (5 681) 529 Non-cash and other movements 14 4 490 (403) Cash (utilised)/retained from operations after non-cash movements (1 191) 126 Depreciation 627 793 Amortisation 28 30 Cash (utilised)/generated by operations (536) 949 Changes in working capital: Decrease in inventories 163 150 Decrease in amounts due from contract customers 27 825 Decrease in trade and other receivables 198 206 Increase/(decrease) in amounts due to contract customers 29 (1 240) Increase/(decrease) in trade and other payables 28 (782) QCLNG advance repayment (trade and other payables) - (1 072) Increase in derivative instruments 8 46 Movements in held-for-sale assets (106) - Increase/(decrease) in payables other than contract-related 144 (102) Decrease in employee-related payables (79) (254) Total changes in working capital 412 (2 223) Cash utilised by operating activities (124) (1 274) Finance expenses paid (531) (458) Finance earnings received 215 214 Taxation paid (182) (316) Cash outflow from operating activities (622) (1 834) Investing activities Acquisition of property, plant and equipment - expansion (135) (175) Acquisition of property, plant and equipment - replacement (793) (319) Proceeds on disposal of property, plant and equipment 315 161 Proceeds on disposal of other assets 104 - Proceeds on disposal of ACP assets 821 - Net proceeds on disposal of Steeledale assets 50 - Proceeds on disposal of properties - 1 127 Acquisition of intangible assets - expansion - (12) Acquisition of intangible assets - replacement (27) (4) Capital expenditure net of proceeds on disposal 335 778 2017 2016 Rm Rm Loans advanced to equity-accounted investments net of dividends received (27) (63) Increase in equity-accounted investments (11) - Net loans advanced/(repaid) to infrastructure investment companies 9 (13) Dividend earnings 8 7 Cash inflow from investing activities 314 709 Operating free cash outflow (308) (1 125) Financing activities with equity-holders Shares repurchased - (23) Loans advanced/(repaid) by non-controlling interest 5 (20) Dividends paid (3) (2) Net (repayment of)/proceeds from borrowings (25) 429 Net decrease in cash and bank balances before foreign exchange movements (331) (741) Foreign exchange movements on cash and bank balances (123) 315 Cash and bank balances at the beginning of the period 2 450 2 856 Cash related to assets held-for-sale - 20 Total cash and bank balances at the end of the period 1 996 2 450 Borrowings excluding bank overdrafts 3 066 2 984 Net cash position (1 070) (534) Summarised accounting policies for the year ended 30 June 2017 1. CORPORATE INFORMATION The summarised audited consolidated financial statements ("results") of Aveng Limited (the "Company") and its subsidiaries (the "Group") for the period ended 30 June 2017 were authorised for issue in accordance with a resolution of the directors on 22 September 2017. Nature of business Aveng Limited is a limited liability company incorporated and domiciled in the Republic of South Africa whose shares are publicly traded. The Group operates in the construction, engineering and mining environments and as a result the revenue is not seasonal in nature, but is influenced by the nature and execution of the contracts currently in progress. 2. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS The accounting policies below are applied throughout the summarised audited consolidated financial statements. Basis of preparation The summarised audited consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets which are measured at fair value. These summarised audited consolidated financial statements are presented in South African Rand ("ZAR") and all values are rounded to the nearest million ("Rm") except where otherwise indicated. The summarised audited consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Statements and the Listings Requirements of the Johannesburg Stock Exchange Limited ("JSE"). The accounting policies adopted are consistent with those of the previous year as well as the Group's interim results as at 31 December 2016, except as disclosed in note 3: New accounting standards and interpretations adopted, changes in accounting policies and other reclassifications. The summarised audited consolidated financial results do not include all the information and disclosures required in the consolidated financial statements, and should be read in conjunction with the Group's audited consolidated financial statements as at 30 June 2017 that are available on the Company's website, http://www.aveng.co.za. The Company's integrated report for the year ended 30 June 2017 will be available by 23 October 2017. The financial results have been prepared by Dirk van Zyl CA(SA) under the supervision of the Group CFO, Adrian Macartney CA(SA). The summarised audited consolidated financial statements have been audited by Ernst & Young Incorporated and the unqualified audit opinion is available on request from the company secretary at the Company's registered office. Assessment of significance or materiality of amounts disclosed in these summarised results The Group presents amounts in these summarised results in accordance with International Financial Reporting Standards ("IFRS"). Only amounts that have a relevant and material impact on the summarised results have been separately disclosed. The assessment of significant or material amounts is determined by taking into account the qualitative and quantitative factors attached to each transaction or balance that is assessed. 3. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ADOPTED, CHANGES IN ACCOUNTING POLICIES AND OTHER RECLASSIFICATIONS As part of the Group's financial reporting improvement initiatives, the structure, format and presentation of disclosures in the financial statements were reviewed. This resulted in the reallocation of certain comparative amounts. This initiative is an ongoing programme targeting the most appropriate disclosure and presentation practices to best serve the interests of the Group's stakeholders based on interaction with them during the period. The resulting reallocations had no impact on the earnings of the Group and as such the reallocations are regarded as not having had a qualitatively significant effect on the information presented. The Africa Construction business included in the Construction and Engineering: South Africa and rest of Africa segment has been reallocated to Other and Eliminations segment. Balance as Africa previously Construction Restated reported reallocation balance Rm Rm Rm Segmental report as at 30 June 2016 Total assets Construction and Engineering: South Africa and rest of Africa 3 466 (15) 3 451 Construction and Engineering: Australasia and Asia 10 699 - 10 699 Mining 3 952 - 3 952 Manufacturing and Processing 5 470 - 5 470 Other and Eliminations 1 745 15 1 760 25 332 - 25 332 Total liabilities Construction and Engineering: South Africa and rest of Africa 2 022 22 2 044 Construction and Engineering: Australasia and Asia 4 410 - 4 410 Mining 1 425 - 1 425 Manufacturing and Processing 2 162 - 2 162 Other and Eliminations 1 757 (22) 1 735 11 776 - 11 776 Africa Balance as business previously Net operating Restated reported earnings/(loss) balance Rm Rm Rm Statement of comprehensive earnings Construction and Engineering: South Africa and rest of Africa (187) 39 (148) Construction and Engineering: Australasia and Asia 14 - 14 Mining 276 - 276 Manufacturing and Processing (70) - (70) Other and Eliminations 113 (39) 74 146 - 146 4. SIGNIFICANT CHANGE IN ESTIMATES The Group continuously makes estimates and assumptions, particularly with regard to construction contract profit taking, onerous loss provisions, arbitrations and claims. These estimates and judgements are evaluated and are based on historic experience and other factors, including expectations of future events. These estimates may differ to the actual results. In continuously assessing its recognised uncertified revenue position, the progress on the various outstanding claims and project performance in the context of current performance, the Group approved a write-down of a number of these claims during the period. The protracted arbitration process with regards to the QCLNG claim has been finalised and an award outcome provided that McConnell Dowell was entitled to receive compensation from the customer. The award of AUD50,5 million (R508 million) was however less than the amount recognised as a receivable, resulting in a write-down of AUD235 million (R2,4 billion). In assessing the estimates relating to long-outstanding uncertified revenue and claims, the Board has decided to write-down long-outstanding uncertified revenue and claims amounting to R2,7 billion, this has resulted in reduced revenue for the period. The write-down of the uncertified revenue and claims had an impact on the recoverability of the deferred tax asset resulting in a derecognition of R531 million. The following factors guided the decision to write-down the uncertified revenue and claims: - Certain unfavourable claim settlement awards most notably the recent QCLNG award, which realised substantially less than the carrying value, as well as the previously reported Kenmare Resources and Mokolo Crocodile Water Augmentation awards in South Africa. - The current economic climate has resulted in an ever-increasing and protracted litigious environment, and costly process in bringing long-outstanding claims to commercial conclusion - The increasing complexity of the claims and the associated commercial challenges - The increasing limitation such a process has placed on management's ability and flexibility to balance the value of commercial settlements with the associated costs, business disruptions, client relationships and impact on the Group's reputation. 5. GOING CONCERN AND LIQUIDITY As detailed in note 2 and note 17 to the financial statements, in determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future. The directors have considered these plans and forecasts, including all available information, and are therefore of the opinion that the going concern assumption is appropriate in the preparation of the financial statements. In the 2017 financial year, the Company reported a loss after tax of R6,7 billion as a result of impairments, uncertified revenue and claims written-down and weak trading conditions in the market. As a result of these losses, and continued difficult trading conditions in the wider industry, the Company's available cash resources in the foreseeable future have been negatively impacted. The Company continues to focus on improving operational efficiencies and reducing the overhead cost base across all businesses. A number of key initiatives have been implemented by the Company which include: - 92% secured order book for the next 12 months - Closing out loss-making projects - Closing out contract claims positions - Completion of optimisation processes - Continued implementation of the Profit Improvement Programme at Aveng Manufacturing - Disposal of non-core assets. At the date of the statement of financial position, the Company had R1,4 billion in unutilised borrowing facilities and R2,0 billion in cash. Management has prepared a budget for the 2018 financial year and the following two years, as well as cash flow forecasts covering a minimum of 12 months from the date of these financial statements. Based on these forecasts and plans that are being implemented by management, these indicate that the Company will have sufficient cash resources for the foreseeable future. Following the year-end, the Company re-negotiated its borrowings and operational and working capital funding positions with its major funding banks. These major funding banks have indicated that they remain supportive of the Group, and management believe that these facilities will provide adequate financial resources to enable the Group to meet its obligations over the next twelve months and beyond. The directors have considered all of the above, including detailed consideration of all plans and forecasts, including all available information, and are therefore of the opinion that the going concern assumption is appropriate in the preparation of the financial statements, and that sufficient liquidity will be available to support the ongoing operations of the Company. 6. SEGMENTAL REPORT The Group has determined four reportable segments that are largely organised and managed separately according to the nature of products and services provided. These segments are components of the Group: - that engage in business activities from which they earn revenues and incur expenses; and - have operating results that are regularly reviewed by the Group's chief operating decision makers to make decisions about resources to be allocated to the segments and in the assessment of their performance. The Group's reportable segments are categorised as follows: 6.1 Construction and Engineering 6.1.1 Construction and Engineering: South Africa and rest of Africa This segment includes: Aveng Grinaker-LTA and Aveng Capital Partners ("ACP"). Aveng Grinaker-LTA is divided into the following business units: Aveng Grinaker-LTA Building and Coastal, Aveng Grinaker-LTA Civil Engineering (including Rand Roads and GEL), Aveng Grinaker-LTA Mechanical & Electrical and Aveng Water. Revenues from this segment include the supply of expertise in a number of market sectors: power, mining, infrastructure, commercial, retail, industrial, Oil & Gas, real estate and renewable concessions and investments. 6.1.2 Construction and Engineering: Australasia and Asia This segment comprises McConnell Dowell and is divided into the following business units: Australia, New Zealand and Pacific, Built Environ, Southeast Asia and Middle East. This segment specialises in the construction and maintenance of tunnels and pipelines, railway infrastructure maintenance and construction, marine and mechanical engineering, industrial building projects, Oil & Gas construction and mining & mineral construction. 6.2 Mining This segment comprises Aveng Mining and operates in the open cut and underground mining sectors. Revenues from this segment are derived from mining-related activities. 6.3 Manufacturing and Processing This segment comprises Aveng Manufacturing and Aveng Steel. The revenues from this segment comprise the supply of products, services and solutions to the mining, construction, Oil & Gas, water, power and rail sectors across the Group's value chain locally and internationally. Aveng Manufacturing business units include Aveng Automation and Control Solutions ("ACS"), Aveng Dynamic Fluid Control ("DFC"), Aveng Duraset, Aveng Infraset and Aveng Rail. Aveng Steel business units include: Aveng Trident Steel and Aveng Steeledale (70% equity stake sold effective 1 January 2017). 6.4 Other and Eliminations This segment comprises corporate services, Africa construction, corporate held investments, including properties and consolidation eliminations. Statement of financial position Construction and Construction and Engineering: South Africa Engineering: Australasia and rest of Africa and Asia Mining 2017 2016 2017 2016 2017 2016 Rm Rm % Rm Rm % Rm Rm % Assets Goodwill arising on consolidation - - - 100 100 - - - - Intangible assets - - - - - - 28 20 40,0 Property, plant and equipment 398 433 (8,1) 602 805 (25,2) 2 539 2 294 10,7 Equity-accounted investments (40) 75 amp;gt;(100,0) 52 56 (7,1) 4 4 - Infrastructure investments 123 49 amp;gt;100,0 - - - - - - Deferred taxation 143 79 81,0 551 940 (41,4) 47 129 (63,6) Derivative instruments - - - - - - 2 19 (89,5) Amounts due from contract customers 876 1 169 (25,1) 3 029 7 167 (57,7) 764 675 13,2 Inventories 40 9 amp;gt;100,0 9 10 (10,0) 211 244 (13,5) Trade and other receivables 112 243 (53,9) 86 96 (10,4) 93 115 (19,1) Taxation receivable 12 - 100,0 10 - 100,0 25 - 100,0 Cash and bank balances 237 534 (55,6) 1 237 1 441 (14,2) 410 452 (9,3) Non-current assets held-for-sale 4 860 (99,5) - 84 (100,0) - - - Total assets 1 905 3 451 (44,8) 5 676 10 699 (47,9) 4 123 3 952 4,3 Liabilities Deferred taxation - 149 (100,0) - 104 (100,0) 184 257 (28,4) Borrowings and other liabilities - - - 921 905 1,8 317 340 (6,8) Payables other than contract-related - - - - - - - - - Employee-related payables 173 200 (13,5) 298 372 (19,9) 187 217 (13,8) Derivative instruments - - - - - - - - - Trade and other payables 966 1 240 (22,1) 2 304 2 209 4,3 677 528 28,2 Amounts due to contract customers 394 435 (9,4) 854 753 13,4 85 70 21,4 Taxation payable - 20 (100,0) - 67 (100,0) - 13 (100,0) Non-current liabilities held-for-sale - - - - - - - - - Total liabilities 1 533 2 044 (25,0) 4 377 4 410 (0,7) 1 450 1 425 1,8 Statement of financial position (continued) Manufacturing and Other and Processing Eliminations Total 2017 2016 2017 2016 2017 2016 Rm Rm % Rm Rm % Rm Rm % Assets Goodwill arising on consolidation 10 10 - 232 232 - 342 342 - Intangible assets 95 142 (33,1) 148 163 (9,2) 271 325 (16,6) Property, plant and equipment 766 976 (21,5) 306 335 (8,7) 4 611 4 843 (4,8) Equity-accounted investments (1) - (100,0) 319 (35) amp;gt;100,0 334 100 amp;gt;100,0 Infrastructure investments - - - 142 128 10,9 265 177 49,7 Deferred taxation 19 (74) amp;gt;100,0 530 784 (32,4) 1 290 1 858 (30,6) Derivative instruments - 1 (100,0) - - - 2 20 (90,0) Amounts due from contract customers 86 223 (61,4) (287) 230 amp;gt;(100,0) 4 468 9 464 (52,8) Inventories 1 825 1 949 (6,4) - (1) 100,0 2 085 2 211 (5,7) Trade and other receivables 1 413 1 405 0,6 136 199 (31,7) 1 840 2 058 (10,6) Taxation receivable (1) - (100,0) 15 - 100,0 61 - 100,0 Cash and bank balances 505 424 19,1 (393) (401) 2,0 1 996 2 450 (18,5) Non-current assets held-for-sale - 414 (100,0) 118 126 (6,3) 122 1 484 (91,8) Total assets 4 717 5 470 (13,8) 1 266 1 760 (28,1) 17 687 25 332 (30,2) Liabilities Deferred taxation 2 5 (60,0) 133 (249) amp;gt;100,0 319 266 19,9 Borrowings and other liabilities 4 7 (42,9) 1 824 1 732 5,3 3 066 2 984 2,7 Payables other than contract-related - - - 154 - 100,0 154 - 100,0 Employee-related payables 75 95 (21,1) 80 54 48,1 813 938 (13,3) Derivative instruments 17 27 (37,0) - - - 17 27 (37,0) Trade and other payables 1 757 1 720 2,2 205 189 8,5 5 909 5 886 0,4 Amounts due to contract customers 1 47 (97,9) 17 17 - 1 351 1 322 2,2 Taxation payable - (2) 100,0 - 8 (100,0) - 106 (100,0) Non-current liabilities held-for-sale - 263 (100,0) - (16) 100,0 - 247 (100,0) Total liabilities 1 856 2 162 (14,2) 2 413 1 735 39,1 11 629 11 776 (1,2) Statement of comprehensive earnings Construction and Construction and Engineering: South Africa Engineering: Australasia and rest of Africa and Asia Mining 2017 2016 2017 2016 2017 2016 Rm Rm % Rm Rm % Rm Rm % Gross revenue 5 876 7 344 (20,0) 6 183 12 828 (51,8) 4 184 5 026 (16,8) Cost of sales (5 843) (7 117) 17,9 (9 767) (11 737) 16,8 (3 774) (4 586) 17,7 Gross earnings 33 227 (85,5) (3 584) 1 091 amp;gt;(100,0) 410 440 (6,8) Other earnings 60 315 (81,0) 9 18 (50,0) 6 72 (91,7) Operating expenses (481) (632) 23,9 (810) (1 022) 20,7 (197) (235) 16,2 Earnings from equity-accounted investments (4) (58) 93,1 15 (73) amp;gt;100,0 - (1) 100,0 Net operating (loss)/earnings (392) (148) amp;gt;(100,0) (4 370) 14 amp;gt;(100,0) 219 276 (20,7) South African government settlement - - - - - - - - - Net operating (loss)/earnings (392) (148) amp;gt;(100,0) (4 370) 14 amp;gt;(100,0) 219 276 (20,7) Impairment/loss on derecognition of property, plant and equipment and intangible assets 33 - 100,0 - - - 1 (38) amp;gt;100,0 Profit on sale of property, plant and equipment - - - - - - - - - (Loss)/earnings before financing transaction (359) (148) amp;gt;(100,0) (4 370) 14 amp;gt;(100,0) 220 238 (7,6) Net finance earnings/(expenses) 14 35 (60,0) (179) (109) (64,2) (20) (10) (100,0) (Loss)/earnings before taxation (345) (113) amp;gt;(100,0) (4 549) (95) amp;gt;(100,0) 200 228 (12,3) Taxation 93 (90) amp;gt;100,0 (209) 3 amp;gt;(100,0) (90) (123) 26,8 (Loss)/earnings for the period (252) (203) (24,1) (4 758) (92) amp;gt;(100,0) 110 105 4,8 Capital expenditure 80 42 90,5 168 150 12,0 557 151 amp;gt;100,0 Depreciation (69) (75) 8,0 (175) (248) 29,4 (269) (336) 19,9 Amortisation - (1) 100,0 - - - (1) - (100,0) (Loss)/earnings before interest, taxation, depreciation and amortisation (EBITDA) (323) (72) amp;gt;(100,0) (4 195) 262 amp;gt;(100,0) 489 612 (20,1) Statement of comprehensive earnings (continued) Manufacturing and Other and Processing Eliminations Total 2017 2016 2017 2016 2017 2016 Rm Rm % Rm Rm % Rm Rm % Gross revenue 7 936 8 794 (9,8) (723) (237) amp;gt;(100,0) 23 456 33 755 (30,5) Cost of sales (7 444) (8 289) 10,2 237 469 (49,5) (26 591) (31 260) 14,9 Gross earnings 492 505 (2,6) (486) 232 amp;gt;(100,0) (3 135) 2 495 amp;gt;(100,0) Other earnings 108 130 (16,9) 23 56 (58,9) 206 591 (65,1) Operating expenses (603) (705) 14,5 (214) (214) - (2 305) (2 808) 17,9 Earnings from equity-accounted investments - - - (7) - (100,0) 4 (132) amp;gt;100,0 Net operating (loss)/earnings (3) (70) 95,7 (684) 74 amp;gt;(100,0) (5 230) 146 amp;gt;(100,0) South African government settlement - - - (165) - (100,0) (165) - (100,0) Net operating (loss)/earnings (3) (70) 95,7 (849) 74 amp;gt;(100,0) (5 395) 146 amp;gt;(100,0) Impairment/loss on derecognition of property, plant and equipment and intangible assets (273) (295) 7,5 (39) - (100,0) (278) (333) 16,5 Profit on sale of property, plant and equipment 3 22 (86,4) 1 570 (99,8) 4 592 (99,3) (Loss)/earnings before financing transaction (273) (343) 20,4 (887) 644 amp;gt;(100,0) (5 669) 405 amp;gt;(100,0) Net finance earnings/(expenses) (46) (21) amp;gt;(100,0) (213) (236) 9,7 (444) (341) (30,2) (Loss)/earnings before taxation (319) (364) 12,4 (1 100) 408 amp;gt;(100,0) (6 113) 64 amp;gt;(100,0) Taxation 70 120 (41,7) (490) (39) amp;gt;(100,0) (626) (129) amp;gt;(100,0) (Loss)/earnings for the period (249) (244) (2,0) (1 590) 369 amp;gt;(100,0) (6 739) (65) amp;gt;(100,0) Capital expenditure 142 139 2,2 8 28 (71,4) 955 510 87,3 Depreciation (102) (123) 17,1 (11) (11) - (626) (793) 21,1 Amortisation (13) (13) - (15) (16) 6,3 (29) (30) 3,3 (Loss)/earnings before interest, taxation, depreciation and amortisation (EBITDA) 112 66 69,7 (823) 101 amp;gt;(100,0) (4 740) 969 amp;gt;(100,0) The Group operates in five principal geographical areas: 2017 2016 2017 2016 Capital Capital 2017 2016 Segment Segment expen- expen- Revenue Revenue assets assets diture diture Rm Rm Rm Rm Rm Rm South Africa 15 281 18 511 11 172 12 850 684 353 Rest of Africa including Mauritius 1 717 1 743 1 157 1 416 102 6 Australia 1 193 5 794 2 751 7 933 94 56 New Zealand 2 580 3 514 798 1 050 25 35 Southeast Asia 2 427 3 542 1 631 1 752 49 58 Middle East and other regions 258 651 178 331 1 2 23 456 33 755 17 687 25 332 955 510 7. IMPAIRMENTS As at 30 June 2017, it was necessary to impair assets due to the subdued economic conditions affecting the Aveng Steel, Aveng Mozambique and Aveng Mining businesses, as well as unused assets at Aveng Grinaker-LTA. An impairment charge totalling R225 million was recognised against ancillary operations comprising property, plant and equipment in the Manufacturing and Processing (R220 million charge), Construction and Engineering: South Africa and rest of Africa (R2 million charge), Mining (net recoverability of R1 million) and Other and Eliminations (R4 million charge) segments respectively. A further impairment charge totalling R53 million relating to intangible assets was recognised comprising the Manufacturing and Processing (R52 million charge) segment and Other and Eliminations segment (R1 million charge) during the period ended 30 June 2017. During the period ended 30 June 2016, impairment charge totalling R333 million was recognised against ancillary operations comprising property, plant and equipment in the Manufacturing and Processing (R295 million charge) and Mining (R38 million charge) segments respectively. Impairments recognised during the year 2017 2016 Rm Rm Intangible assets (53) - Property, plant and equipment (225) (333) (278) (333) 2017 2016 Gross of Net of Gross of Net of taxation taxation taxation taxation Rm Rm Rm Rm 8. HEADLINE LOSS Determination of headline loss Loss for the period attributable to equity holders of parent (6 708) (101) Impairment of property, plant and equipment 225 221 333 302 Impairment of intangible assets 53 53 - - Gain on Steeledale transaction (2) (2) - - Profit on sale of property, plant and equipment (14) (13) (610) (500) Headline loss (6 449) (299) 2017 2016 Rm Rm 9. DEFERRED TAXATION Reconciliation of deferred taxation asset At the beginning of the year 1 858 1 580 Recognised in earnings or loss - current year* (433) 165 Recognised in earnings or loss - adjustment for prior year* (38) 4 Effect of change in foreign tax rate* - (7) Foreign currency translation movement (85) 158 Reallocation from deferred taxation liability (10) (42) Disposal of subsidiary (2) - 1 290 1 858 Reconciliation of deferred taxation liability At the beginning of the year (266) (221) Recognised in earnings or loss - current year* (77) 60 Recognised in earnings or loss - adjustment for prior year* 13 (23) Accounted for directly in equity - (122) Reallocation to deferred taxation asset 10 42 Foreign currency translation movement 1 (2) (319) (266) * The net movement on deferred taxation amounts to R535 million (2016: R199 million) in the statement of comprehensive earnings. 2017 2016 Rm Rm Deferred taxation asset balance at the year-end comprises: Accelerated capital allowances (229) (5) Provisions 256 231 Contracts 51 (93) Other 44 (38) Assessed losses carried forward 1 168 1 763 1 290 1 858 Deferred taxation liability balance at the year-end comprises: Accelerated capital allowances (418) (375) Provisions 17 16 Contracts (4) 6 Other (85) 74 Convertible bond (62) (84) Assessed losses carried forward 233 97 (319) (266) The Group's results include a number of legal statutory entities within a number of taxation jurisdictions. As at June 2017 the Group had unused taxation losses of R13 201 million (2016: R7 480 million) available for offset against future profits. A deferred taxation asset has been recognised in respect of R4 949 million (2016: R5 854 million) of such losses. No deferred taxation asset has been recognised in respect of the remaining R8 252 million (2016: R1 626 million) due to the uncertainty of future taxable profits in the related legal entities. Unused tax losses The Group performed a five-year forecast for the financial years 2018 to 2022, which is the key evidence that supports the recognition of the deferred taxation assets. This forecast specifically focused on Aveng (Africa) Proprietary Limited and Aveng Australia Holdings. Certain restructuring and corporate actions, including sale of 70% of Steeledale and sale of investments held by Aveng Capital Partners have been effected. In addition, the Aveng Grinaker-LTA transaction is expected to be effective during the 2018 financial year. The write-off of uncertified revenue resulted in an additional tax loss in McConnell Dowell a subsidiary of Aveng Limited. No additional deferred tax asset which would have amounted to R1 305 million has been recognised in this regard. In addition, the Group is making good progress in positioning Aveng for future profitability, including considerable restructuring and right sizing of the business in line with current market conditions. Attention has also been given to the commercial and risk management processes and pre-tender assessments. This will enhance margins in the foreseeable future. 2017 2016 Rm Rm 10. AMOUNTS DUE FROM/(TO) CONTRACT CUSTOMERS Uncertified claims and variations (underclaims)**1 1 760 6 584 Contract contingencies** (701) (390) Progress billings received (including overclaims)2 (1 205) (1 014) Uncertified claims and variations less progress billings received (146) 5 180 Contract receivables3 3 262 3 146 Provision for contract receivables (2) (2) Retention receivables4 149 126 3 263 8 450 Amounts received in advance5 (146) (308) Net amounts due from contract customers 3 117 8 142 Disclosed on the statement of financial position as follows: Uncertified claims and variations** 1 760 6 584 Contract contingencies (701) (390) Contract and retention receivables 3 411 3 272 Provision for contract receivables (2) (2) Amounts due from contract customers 4 468 9 464 Progress billings received (1 205) (1 014) Amounts received in advance (146) (308) Amounts due to contract customers (1 351) (1 322) Net amounts due from contract customers 3 117 8 142 ** Provisions have been netted off against uncertified claims and variations. 1 Includes revenue not yet certified - recognised based on percentage of completion / measurement and agreed variations, less provisions and deferred contract costs. 2 Progress billings are amounts billed for work performed above revenue recognised. 3 Amounts invoiced still due from customers. 4 Retentions are amounts invoiced but not paid until the conditions specified in the contract are fulfilled or until defects have been rectified. These conditions are anticipated to be fulfilled within the following 12 months. 5 Advances are amounts received from the customer before the related work is performed. Provision for amounts Provision Uncertified due from for claims and contract Contract contract Retention variations customers receivables receivables receivables Total Rm Rm Rm Rm Rm Rm 2017 Amounts due from contract customers Non-current assets 756 - - - - 756 Current assets 1 004 (701) 3 262 (2) 149 3 712 1 760 (701) 3 262 (2) 149 4 468 2016 Non-current assets 1 417 - - - - 1 417 Current assets 5 167 (390) 3 146 (2) 126 8 047 6 584 (390) 3 146 (2) 126 9 464 Amounts due from contract customers includes R908 million (2016: R4,7 billion) which is subject to protracted legal proceedings. 2017 2016 Rm Rm 11. BORROWINGS AND OTHER LIABILITIES Borrowings held at amortised cost Interest-bearing borrowings comprise: Payment profile - within one year 1 121 1 214 - between two to five years 1 945 1 770 3 066 2 984 Interest rate structure Fixed and variable (interest rates) Fixed - long term 1 901 1 635 Fixed - short term 348 285 Variable - long term 48 136 Variable - short term 769 928 3 066 2 984 For more information on the funding confirmation from major funding banks refer to note 17. For the full list of borrowings including terms and rate of interest refer to the Borrowings note in the consolidated financial statements available on the Group's website. 2017 2016 Rm Rm Finance lease liabilities are payable as follows: Minimum lease payments due - within one year 206 321 - in two to five years 184 194 Less: future finance charges (38) (30) Present value of minimum lease payments 352 485 The Australasia and Asia operating segment enters into asset-based finance arrangements to fund the acquisition of various items of plant and machinery. The total asset-based finance facilities amounted to AUD6 million (2016: AUD12 million). The amount outstanding on these facilities as at year end was AUD3 million (2016: AUD10 million) and is equivalent to R31 million (2016: R96 million). These asset-based arrangements were secured by plant and equipment with a net carrying amount of R52 million (2016: R109 million). The Mining operating segment entered into various asset-based finance lease agreements to purchase operating equipment denominated both in USD and ZAR. These arrangements are secured by the assets for which the funding was provided and are repayable in monthly and quarterly instalments with the final repayment to be made in November 2021. The total amount outstanding on these facilities amounted to R317 million (2016: R335 million).Equipment with a net carrying amount of R494 million (2016: R471 million) has been pledged as security for the facility. The Mining and Manufacturing and Processing operating segments entered into various vehicle lease arrangements. Equipment with the net carrying amount of R3 million (2016: R7 million) has been pledged as security. 12. PAYABLES OTHER THAN CONTRACT-RELATED Un- winding Opening of balance Additions Utilised discount Total Rm Rm Rm Rm Rm Reconciliation of payables other than contract related 2017 Payables other than contract-related - 165 (21) 10 154 2017 2016 Rm Rm Current liabilities 21 - Non-current liabilities 133 - 154 - South African government settlement Following an extensive period of negotiation, the South African government and the participating construction companies have concluded the settlement agreement which addresses outstanding legacy issues and commits to a plan which will ensure the repositioning of the South African construction sector. All parties to the settlement agreement acknowledge the need to foster a better relationship between the government and the construction industry going forward. A provision has been made for the annual payment of R21,25 million over 12 years. This provision was discounted to a value of R165 million. The first payment was made during the current financial year. 2017 2016 Rm Rm 13. TAXATION Major components of the taxation expense Current Local income taxation - current period 42 20 Local income taxation - recognised in current taxation for prior periods 21 18 Foreign income taxation or withholding taxation - current period 30 346 Foreign income taxation or withholding taxation - recognised in the current taxation for prior periods (2) (56) 91 328 Deferred Deferred taxation - current period 510 (225) Deferred taxation - foreign tax rate change - 7 Deferred taxation - arising from prior period adjustments 25 19 535 (199) 626 129 2017 2016 % % Reconciliation of the taxation expense Effective taxation rate on earnings (10,2) 201,0 Exempt income and capital profits 0,1 328,5 Deferred taxation asset not recognised 37,6 (144,6) Disallowable charges* 1,7 (303,1) Prior year adjustment 0,3 29,2 Foreign tax rate differential and other (1,6) 130,8 Withholding taxation 0,1 (213,8) 28,0 28,0 * This relates mainly to the impact of the VRP payment which is treated as a non-deductible expense and foreign exchange differences recognised in other comprehensive income. South African income taxation is calculated at 28% (2016: 28%) of the taxable income for the year. Taxation in other jurisdictions is calculated at the prevailing rates. 2017 2016 Rm Rm 14. NON-CASH AND OTHER MOVEMENTS Earnings from disposal of property, plant, equipment and vehicles (147) (648) Gain on Steeledale transaction (2) - Impairment of goodwill, property, plant and equipment and intangible assets 278 333 Fair value adjustments (56) (306) Movements in foreign currency translation (562) 205 Movement in equity-settled share-based payment reserve 12 13 Claims write-down* 4 967 - 4 490 (403) * Claims write-down relate to QCLNG R2,4 billion and Other uncertified revenue and claims R2,7 billion, refer note 4 Significant change in estimates. 15. CONTINGENT LIABILITIES Contingent liabilities at the reporting date, not otherwise provided for in the consolidated financial statements, arise from performance bonds and guarantees issued in: South Africa and rest of Africa Guarantees and bonds (ZARm) 3 014 3 615 Parent company guarantees (ZARm) 507 516 3 521 4 131 Australasia and Asia Guarantees and bonds (AUDm) 326 409 Parent company guarantees (AUDm) 588 521 914 930 Claims and legal disputes in the ordinary course of business The Group is, from time to time, involved in various claims and legal proceedings arising in the ordinary course of business. The Board does not believe that adverse decisions in any pending proceedings or claims against the Group will have a material adverse effect on the financial position or future operations of the Group. Provision is made for all liabilities which are expected to materialise and contingent liabilities are disclosed when the outflows are probable. Contingent assets In the current period, a counter claim against the Group was awarded to Kenmare Resources to the value of R150 million for professional indemnity insurance. The Group has lodged a claim against the insurer to recover this amount. 16. FAIR VALUE OF ASSETS AND LIABILITIES The Group measures the following financial instruments at fair value: - Infrastructure investments; and - Forward exchange contracts. The Group has reassessed the fair value of its infrastructure investments and those transferred to held-for-sale as at 30 June 2017, R56 million (2015: R251 million) of unrealised gains have been recognised during the current financial year. Refer to the fair value of assets and liabilities note as contained in the consolidated financial statements available on the Group's website for additional detail regarding the methodology, valuation parameters and assumptions applied as well as the fair value hierarchy and the sensitivity analysis. 17. EVENTS AFTER THE REPORTING PERIOD AND PENDING TRANSACTIONS The directors are not aware of any other significant matter or circumstance arising after the reporting period up to the date of this report except as stated below: QCLNG claims settlement update Following various contractual disputes and a protracted arbitration process, the International Chamber of Commerce ("ICC") has determined that McConnell Dowell has received an amount of AUD50,5 million (R508 million) (including interest), being 50% of the total award to the joint venture. The key features of the award include: - AUD50,5 million (R508 million) to be settled immediately; - Each party is accountable for its own legal expenses; and adequate provision has been made for McConnell Dowell's legal fees to date; and - The QCLNG award is binding and final, with very limited appeal rights. Given that the quantum of the QCLNG award is below the value of the claims, we have recorded a write-down of AUD235 million (R2,4 billion) in the reported results for the year ended 30 June 2017. Liquidity, solvency, Group-wide funding, strategic review, and going concern assertion As included in the directors' report, and further detailed below, in determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Group can continue in operational existence for the foreseeable future. The directors have considered the agreements reached post the year-end, the actions taken by the Group, the financial plans and forecasts, including all available information, and are therefore of the opinion that the going concern assumption is appropriate in the preparation of the financial statements. In forming the conclusion, the directors have considered the following: Funding confirmation from major South African funding banks Subsequent to the year-end and following the reported outcome of the QCLNG award, the Group engaged with its major funding banks who currently provide various facilities to the Group under existing agreements. Refer to note 11. This engagement resulted in the conclusion of an overarching term sheet between the Group and these major funding banks providing for: - All banking facilities with the major funding banks that were in place at the year-end, will remain in place under similar terms until at least 31 October 2018; - An additional facility will be made available by The Standard Bank of South Africa Limited, in the amount of R150 million on similar terms to those agreed with other funding banks; - To the extent permitted under the Group's convertible bond, the security position of the major funding banks for their new and existing funding arrangements will be enhanced by granting security over certain currently unencumbered assets; and - Ongoing compliance with financial covenants including an EBITDA covenant, a liquidity headroom covenant, and a guarantee cover ratio. Following credit approval by all the major funding banks, this term sheet has been approved by the Board and the Group will now commence the process of formalising these term sheets with the major funding banks and expects this to be completed in due course. Recapitalisation of Australian-based operating subsidiary In conjunction with the above and following the QCLNG award and the re-evaluation of the long outstanding uncertified revenue, the Group has executed a recapitalisation and working capital injection into its Australian-based operating subsidiaries through Aveng Australia Holdings and McConnell Dowell Corporation Limited. The recapitalisation process included the settlement of loans at Aveng Australia Holdings and the subscription for shares by Aveng Australia Holdings Proprietary Limited in McConnell Dowell Corporation Limited. This action is sufficient to establish a renewed capital base and working capital structure, as well as to provide the appropriate liquidity availability for these operations to execute their financial plans in the foreseeable future. The Australian-based operating subsidiary will continue to receive financial and operational support and has been provided with adequate liquidity to execute its business plan. Strategic review - medium and long term planning With a view to the medium and long term strategy of the Group's overall financial and operational structure, an independent professional adviser has been engaged to undertake an overall strategic review of the Group. This review began during August 2017, and incorporates the consideration and evaluation of all key requirements to both support and enhance the future sustainability of the Group, including among others: - Recommending a sustainable future capital and funding model for the Group over the medium term, including recommendations specific to the Australian-based operating structure and planning for funding options required to fund the repayment of the Group's R2 billion convertible bond maturing in July 2019 , refer to note 11. - The identification of operating businesses and assets that are core to the Group and support the overall Group long term strategy. The outcome of the strategic review is expected to be completed by 30 November 2017. Disposal planning for non-core assets Post the year-end, the Group has identified certain assets as non-core, and will embark on a plan during the financial year to 30 June 2018 to realise value from the disposal of these assets. These assets comprise various non-core fixed properties and other non-core minority interests. Once the plan has been executed, and the non-core assets have been disposed of, a portion of the net proceeds received will be either earmarked or applied as part of a plan to reduce debt in the South Africa, and a portion will be utilised to further enhance the working capital structure of the Group. Aveng Grinaker-LTA empowerment transaction Following overwhelming shareholder support for the Aveng Grinaker-LTA empowerment transaction, which will result in the sale of 51% beneficial interest in the business to Kutana Construction. The Group has received unconditional approval from both the South African Competition Commission and competition authorities in Namibia, Botswana and Swaziland. The effective date of the transaction is 1 October 2017 subject to all the conditions precedent being met. Genrec award Following the long outstanding dispute between Genrec Engineering Proprietary Limited ("Genrec") and the Aveng Steel Fabrication division, and which relates to Aveng's entitlement to compensation as determined by an arbitration award in August 2014, the Dispute Adjudication Board ("DAB") ordered Genrec to pay to Aveng the sum of R123 million; and in addition, to pay interest on such sum at the simple interest rate of 15,5% from 1 September 2011 to date of payment. The DAB is currently curing calculation errors in its award, which amended award has not yet been delivered to the parties. The parties have agreed that the final value of the award is R124 million (excluding interest). In terms of the initial award, the total cash award payable to Aveng is R238 million. Genrec is obliged to promptly give effect to the terms of the award and make payment. The award will remain binding unless and until overturned by way of an arbitration process which may follow. COMMENTARY RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2017 AND RESIGNATION OF CHIEF EXECUTIVE OFFICER Overview Salient features - Net loss of R6,7 billion and headline loss of R6,4 billion - Non-cash impairments and write-downs on long-outstanding uncertified revenue of R5,9 billion - Headline loss of R630 million excluding non-recurring write-downs and charges - Queensland Curtis Liquefied Natural Gas Pipeline Project ("QCLNG") award of R508 million (AUD50,5 million) - Fixed overhead expenses reduced by R503 million or 18% - Unacceptable operating performance, hence operational intervention - Net asset value (�NAV�) reduced to R14,56 per share - Contracting businesses� order book for FY18 100% secured - Agreement reached with major funding banks to renew and extend facilities - Mr Kobus Verster has resigned as Chief Executive Officer with immediate effect and Mr�Eric�Diack will assume the duties of Chief Executive Officer and Executive Chairman Write-offs and derisking QCLNG award Aveng received R508 million (AUD50,5 million) from the QCLNG award. Given that this was well below expectation and the amount was recognised as a receivable, the Group has recorded a non-cash write-down of R2,4 billion (AUD235 million) in relation to the QCLNG award in its reported results for�the year ended 30 June 2017. Other long-outstanding uncertified revenue As announced in the trading statement of 20 September 2017, Aveng continuously assesses its recognised uncertified revenue. The progress on the various outstanding claims and project performance is assessed in the context of current performance of the business, the current business environment, and expected future market conditions. The following factors have guided the assessment: - Certain unfavourable claim settlement awards, most notably the recent QCLNG award, which realised substantially less than the carrying value, as well as the previously reported Kenmare Resources and Mokolo Crocodile Water Augmentation awards in South Africa - The current economic climate, which has resulted in a highly litigious environment, and a protracted and costly process in bringing long-outstanding claims to commercial conclusion - The complexity of the claims and the associated commercial challenges - The limitations such a process places on management�s ability and flexibility to balance the value of commercial settlements with the associated costs, business disruptions, client relationships and impact on the Group�s reputation. The Board has therefore decided to write-down long-outstanding uncertified revenue and claims in an amount of R2,7 billion for the year ended 30 June 2017. This change of approach has resulted in six major commercial settlements and arbitration awards being concluded, resulting in positive cash inflows and further reducing uncertainty. Liquidity Net debt of R1,07 billion (June 2016: R534 million). Post-year-end, the proceeds from the QCLNG award improved the Group�s net cash position by R508 million. The QCLNG award and write-downs remove significant risk and uncertainty from the Group�s balance sheet. The NAV of the business is now R14,56 per share after recognising the various write-downs and impairments. Subsequent to the year-end, and following the reported outcome of the QCLNG award, the Group engaged with its major funding banks who currently provide various facilities under existing agreements. This engagement resulted in the conclusion of an overarching term sheet, renewing and extending these facilities. Following credit approval by all the major funding banks, this term sheet has been approved by the Board, and the Group will now commence the process of formalising same with these major funding banks and expects this to be completed in due course. Following the QCLNG award and the re-evaluation of the long-outstanding uncertified revenue, the Group executed a recapitalisation and working capital injection into its Australian-based operating subsidiaries through McConnell Dowell. The purpose of the plan is to ensure an adequate capital base and working capital. Aveng Capital Partners: proceeds from sale of infrastructure investments On 12 December 2016, Aveng successfully disposed of Steelmetals' N3TC equity interest for a purchase price of R195 million. On 6 February 2017, the conditions precedent were fulfilled in respect of the Blue Falcon equity interest and the Windfall equity interest. R600 million from these disposals was received on 13 February 2017. A total amount of R821 million was received in respect of the sale of these assets. Genrec award Following the long-outstanding dispute between Genrec Engineering Proprietary Limited ("Genrec") and the Aveng Steel Fabrication division, and which relates to Aveng's entitlement to compensation as determined by an arbitration award in August 2014, the Dispute Adjudication Board ("DAB") ordered Genrec to pay to Aveng the sum of R123 million; and in addition, to pay interest on such sum at the simple interest rate of 15,5% from 1 September 2011 to date of payment. The DAB is currently curing calculation errors in its award, which amended award has not yet been delivered to the parties. The parties have agreed that the final value of the award is R124 million (excluding interest). In terms of the initial award, the total cash award payable to Aveng is R238 million. Genrec is obliged to promptly give effect to the terms of the award and make payment. The award will remain binding unless and until overturned by way of an arbitration process which may follow. Strategic review With a view to the medium-and long-term sustainability of the Group�s overall financial and operational structure, an independent professional advisor has been engaged to undertake an overall strategic review of the Group. This review began during August 2017, and incorporates the consideration and evaluation of all key requirements to both support and enhance the future sustainability of the Group, including amongst others: - The identification of operating businesses and assets that are core to the Group and support the overall Group long term strategy; and - Recommending a sustainable future capital and funding model for the Group over the medium term, including recommendations specific to the Australian-based operating structure and planning for funding options required to fund the repayment of the Group's convertible bonds maturing in July 2019. The Group has identified certain assets as non-core, and will embark on a plan during the current financial year to realise value from the disposal of these assets. Once the disposal of non-core assets has been executed and the strategic review has been concluded, the objectives will be to reduce debt in South Africa and to further enhance the working capital structure of the Group. The outcomes of the strategic review are expected to be completed by 30 November 2017. Remedial actions to date Aveng continuously assesses its recognised uncertified revenue. This review resulted in a significant write-down, which has derisked the Group's balance sheet. The Group has further enhanced its internal controls regarding the recognition of uncertified revenue and renewed its focus on cash flow and performance monitoring across the Group. Furthermore, taking the current economic environment into account, the Group overheads were significantly downsized to reflect the current operating environment. The Profit Improvement Programme initiated at Aveng Manufacturing, during the second half of the 2017 financial year, is expected to yield results in the next financial year. The McConnell Dowell organisational reset has been completed and is now moving towards a stabilised operation preparing for growth. This reset process has resulted in: - Simplified organisation with new operating model - Empowered business units - Strengthened technical and operational capabilities - Structured project review process: improved project and business governance - Increased connectivity and collaboration - enhanced efficiency - Strengthened client focus - Enhanced and refreshed the executive leadership of the business. Eric Diack was appointed as Executive Chairman on 23 August 2017. Eric�s extensive commercial experience will support the management team as it enhances its strategy to enable the Company to realise its significant underlying value. Operational review There is an enhanced focus on cash flow and performance monitoring across the Group. An operational review will commence immediately, focused on Aveng Manufacturing and Aveng Grinaker-LTA. Aveng Manufacturing Over the course of the last year, the top management has been enhanced and strengthened. The Profit Improvement Plan was implemented and executive focus is now required on unlocking the identified benefits. This programme is focused on markets, procurement, production efficiency and the rationalisation of production capacity in line with market demand. The targeted improvements will be quantified and reported at half-year. Aveng Grinaker-LTA The appointment of a managing director is a priority and a search is currently under way. An appointment is expected to be made early in the new calendar year. In the interim, the organisational design will be reviewed in order to achieve an efficient and effective operating structure. In addition, a�comprehensive review of major Civil Engineering projects will be conducted and the Building and Coastal divisions will be subject to a margin enhancement intervention. The Mechanical & Electrical, Aveng Water and Aveng Rand Road divisions are performing according to plan. The results of these interventions will be fully reported at half-year. Market review The South African infrastructure market remains subdued, reflecting the marginal economic growth experienced in the country. Aveng Grinaker-LTA continues to operate in a tough market environment, with its financial performance adversely affected by low revenue and continued underperformance in project execution, mainly in the Civil Engineering division. Despite current building projects under construction, it is expected that building activity will�reduce and shift to demand in healthcare facilities, student accommodation and other smaller projects. The civil engineering industry remains competitive, with limited new opportunities coming to market. Road rehabilitation work remains dominant. Current public infrastructure spend is focused on the transportation, energy and water segments. The pace of expansion in the Australia and Asia Pacific construction industry steadied over the past 12 months; however, the Australian construction industry is expected to grow at a steady rate over the next five years. Despite the limited growth in the mining and energy sectors, the outlook remains positive. The growth will largely be driven by significant private and public sector investments in road, rail and power infrastructure projects. The Australian building industry remains robust with spending set to expand on affordable housing programmes and commercial projects. The growth in Southeast Asia remains very healthy and driven by investments in infrastructure, water utilities and energy projects. In addition, the market in New Zealand continues to gain momentum, with government investment in large-scale transport and water projects which will continue to fuel growth for the region and expansion of the construction industry. The mining industry in South Africa and globally is cautiously optimistic, with mining companies looking to increase output and make new investments in assets. The current rally in commodity prices provides opportunities for Aveng Mining. The South African manufacturing industry is experiencing some headwinds due to weak economic activities and difficult trading conditions. The sector had negative annual growth over the past 12�months and it is not expected to improve in the short term. However, having access to a diverse product portfolio, with multiple manufacturing facilities and the ability to access markets in various geographies, provides an opportunity to improve the overall performance of Aveng Manufacturing. The economic environment facing the steel industry continues to be challenging. Oversupply continues to weigh on the steel sector. The improvements experienced in the current year were mainly due to the increase in raw material prices and increased protection measures rather than any significant improvement in the demand for steel. The recently announced safeguard duties on imports of certain steel products will improve the local market and should benefit Aveng Steel during the next financial year. Financial performance Aveng reported a headline loss of R6,4 billion and a net loss of R6,7 billion. This loss included the impairments and write-downs on long-outstanding uncertified revenue of R5,1 billion, and resultant deferred tax asset write-downs of R531 million. In order to better understand the underlying performance of the Group, a discussion of the result excluding the adjustments is required. Basic loss per share was 1 690,6 cents loss per share compared to a 25,4 cents earnings per share in the comparative period and headline loss per share increased to 1 625,3 cents loss per share (2016: 75,2 cents loss per share). Statement of comprehensive earnings Adjusted revenue decreased by 19% to R27,4 billion (2016: R33,8 billion). Revenue reduced in the majority of segments due to weak market conditions in the South African market and reduced activity at McConnell Dowell. However, this was partially offset by some growth in activity levels in Aveng Mining. The adjusted gross margin of 7,2% for the Group remained largely in line with the prior year. Adjusted net operating earnings decreased from a profit of R146 million in 2016 to a loss of R113�million, due to: - resolution of some major commercial claims at Aveng Grinaker-LTA relating to the Mokolo Water Augmentation and Majuba Rail contracts - operational underperformance in relation to Civil Engineering and a disappointing performance in Building and Coastal on certain contracts - completion of work and commercial matters in relation to legacy and historic projects at McConnell Dowell - weak performance in the Manufacturing businesses in the second half - separation costs relating to Aveng Mining�s contract with Wesizwe�s Bakubung mine and poor performance on a project in Burkina Faso though partially offset by: - the realisation of R503 million savings in overhead expenses throughout the Group, which resulted in an 18% reduction in operating costs compared to June 2016 - improved performance in Aveng Mining�s open cut business during the second half of the year - continued improved operating performance at Aveng Steel due to efficiencies and improved margins. The adjusted headline loss increased to R630 million from a R299 million loss in the comparative period. Net losses of R6,7 billion include the following non-recurring items: - a present value charge of R165 million (R255 million payable over 12 years) for the expense pertaining to the Settlement Agreement concluded on 11 October 2016 with the South African government - Aveng previously reflected a debt of R206 million from Kenmare Resources pertaining to work performed in 2011/12. During December 2016, the Arbitration Tribunal issued their partial ruling, with Aveng being awarded their debt of R206 million in full, together with interest. The Tribunal awarded a counterclaim in favour of Kenmare in the amount of R150 million. This amount, together with associated legal costs, is the subject of an insurance claim which has not been recognised as an asset - a non-cash impairment of uncertified revenue that reduces the risk and uncertainty of R5,1 billion, comprising the QCLNG award settlement that was lower than the carrying value (R2,4 billion) and long-outstanding uncertified revenue (R2,7 billion). In addition, a resultant impairment of deferred tax assets in the Group of R531 million was recognised, which aligns to the expected future utilisation of the deferred tax asset. An impairment charge of R278 million was recognised against underutilised assets in Aveng Steel as a result of the continued subdued trading conditions in the steel market. This includes a R225�million charge against Plant & Equipment and R53 million against intangible assets. Net finance charges of R444 million increased by 30% (2016: R341 million) in relation to the comparative period due to higher utilisation of facilities. Statement of financial position The Group incurred capital expenditure of R955 million (2016: R510 million) applying R820 million (2016: R323 million) to replace and R135 million (2016: R187 million) to expand property, plant and equipment. The majority of the amount was spent as follows: - R168 million at McConnell Dowell, relating to specific projects in Australia and Southeast Asia - R123 million at Aveng Manufacturing to increase capacity and optimise efficiencies of its factories - R557 million at Aveng Mining, mainly to replace older fleet. Equity-accounted investments increased by 234% to R334 million (2016: R100 million), recognising the 30% investment in Steeledale. Assets held-for-sale decreased due to the conclusion of both the Aveng Capital Partners and Steeledale transactions. Amounts due from contract customers (non-current and current) decreased by 53% to R4,5 billion (2016: R9,5 billion). This balance was impacted by the non-cash impairment on uncertified revenue and the QCLNG award was well below expectations. Payables other than contract-related increased by R154 million pertaining to the Settlement Agreement with the South African government. Deferred tax asset write-off of R531 million. Following the QCLNG award and the impairments and write-downs disclosed above, an assessment was performed to evaluate the expected future utilisation of the deferred tax assets in various jurisdictions. Although assessed losses in South Africa and Australia do not expire, management's estimate reflects the expected utilisation of the deferred tax asset within the foreseeable future. Operating free cash flow for the period amounted to an outflow of R308 million and included: - significant cash outflow, albeit less than the prior period, for McConnell Dowell, associated with the completion of work and commercial matters in relation to legacy and historic projects - Aveng Grinaker-LTA cash outflow as a result of project losses during the second half of the year and retrenchment costs related to the restructuring of the Civil Engineering business unit - a cash outflow of R41 million at Aveng Mining due to capital expenditure - a cash inflow of R58 million at Aveng Steel due to improved working capital management - a cash outflow at Aveng Manufacturing of R76 million due to capital expenditure and late payments received from debtors - net capital expenditure of R640 million - inflows of R821 million and R104 million from the sale of infrastructure investments - net finance charges of R316 million - taxation paid of R182 million. Cash and bank balances decreased to R2,0 billion (2016: R2,4 billion) resulting in a net debt position of R1,07 billion, compared to R534 million net debt at 30 June 2016. Operating review Safety Safety remains a core value for Aveng and is integral to the way in which its operating groups conduct their business. Aveng prioritises the wellbeing of its people, clients and the communities in which it operates. The Group remains fully committed to delivering on its safety vision of "Home Without Harm, Everyone, Everyday". As a result, the Aveng safety strategy has been revised and a clear set of safety requirements has been developed for implementation. The all injury frequency rate ("AIFR") for the period was 3,28. This indicator includes all types of injuries and is calculated using 200 000 man-hours as the baseline for its frequency rate. Although the AIFR for the period was marginally weaker, Aveng is still showing a longer term improvement trend over the past few years. Total man-hours have decreased over this period, also impacting the frequency rates. Regrettably, two fatalities were recorded in the current financial year. A fatal incident occurred at McConnell Dowell's Barangaroo Project in Sydney, Australia, on 1 March 2017. The deceased, Timothy MacPherson, was a labour hire worker for a marine subcontractor. The second fatal incident occurred when Johannes Qhanya, a jumbo drill operator for Aveng Shafts & Underground, fell approximately 14 metres to the shaft bottom at Aveng Mining's operation in Limpopo. Sadly, Mr Qhanya passed away from his injuries six months later in June 2017. The Aveng Board and executive leadership remain concerned with the current levels of unsafe behaviour demonstrated by road users, especially given that the Group works on various public road projects across its operations. For this reason, the Group has extended its reporting to include "monitored incidents" to ensure that the fatal risks associated with circumstances outside the control of Aveng, such as on public roads, are duly recognised and properly understood. Efforts to address such risks include increasing safety controls on road closures, enhancing employee vigilance during work activities inside a road closure or in close proximity to public vehicles, and monitoring employee driver behaviour. Regrettably, two lives were lost in the reporting period in a single monitored road traffic accident that was caused by a third party. Aveng extends its sincere condolences and deepest sympathies to the families and colleagues of the deceased. The Group will continue with its unwavering safety commitment and efforts within its control to avert such tragedies in future. Construction & Engineering: South Africa and rest of Africa This operating segment comprises Aveng Grinaker-LTA (including Aveng Water) and Aveng Capital Partners. Adjusted revenue decreased by 17% to R6,1 billion (2016: R7,3 billion) primarily due to lower work volumes in the Civil Engineering and Mechanical & Electrical business units and the discontinuation of the Aveng Engineering business. Adjusted net operating loss increased to R188 million (2016: R187 million). This result includes the adverse effect of the Mokolo Crocodile Water Augmentation project claim, which resulted in earnings being reduced by R110 million. Civil Engineering Adjusted revenue decreased by 41% to R1,3 billion (June 2016: R2,3 billion) reflecting lower activity in the civil infrastructure market. The business made an operating loss of R388 million on contracts with state-owned entities, compared to an operating profit of R24 million in 2016. Under-recovery of overheads negatively impacted margins. The business overheads were restructured by 30 June 2017. Construction of the Majuba Rail contract is complete and final accounts have been concluded on the Majuba Rail and Mokolo Crocodile Water Augmentation projects. Mechanical & Electrical Revenue decreased by 14% to R1,2 billion (June 2016: R1,5 billion) as a result of reduced work on some of the major power projects. The operating margin benefited from the lower overhead cost structure as the business focused its efforts on shutdown and maintenance work. A substantial turnaround contributed to an operating profit of R68 million (June 2016: R143 million loss). Buildings and Coastal Revenue was stable at R3,1 billion with a net operating loss of R75 million (2016: R83 million profit) due to a once-off gain in the prior period as well as the close-out of several complex and fast-tracked projects. Progress continued on the Dr Pixley Ka Isaka Seme Memorial Hospital in KwaZulu-Natal and Leonardo Towers and 129 Rivonia Road in Sandton. Aveng Water Revenue increased by 15% to R356 million (June 2016: R309 million) due to the successful running of operational contracts and the upgrade of operational components on plants. The completion of loss-making projects and careful management of the cost on the eMalahleni contract, resulted in the business unit turning around from a loss of R273 million in 2016 to a profit of R32 million in 2017. The focus of the Aveng Water business is to leverage on the significant advantage in acid mine drainage, water treatment processes and operational maintenance. The South African mining and municipal water sectors offer attractive opportunities for growth. Aveng Capital Partners Aveng Capital Partners is responsible for managing the Group's investments in South African toll roads, real estate and renewable energy concessions and investments. Aveng Capital Partners continues to manage the remaining assets in the portfolio, including the co-management of the SANRAL rehabilitation project on the N1 highway between Polokwane and Bela Bela and a 30% interest in the Dimopoint property portfolio. Aveng Capital Partners is undergoing a period of restructuring under new management, following the sale of the majority of its operational infrastructure assets. A number of opportunities, which are at an early stage of evaluation, have been identified in the water, transport and government accommodation sectors which could be beneficial to the wider Group. Construction & Engineering: Australasia and Asia This operating segment comprises four business units - Australia, New Zealand and Pacific, Southeast Asia and Built Environs. The Middle East business remains a joint venture operated in partnership with Dutco. Adjusted revenue for FY17 decreased by 25% to AUD912 million (2016: AUD1,2 million), and reflects the reduced level of activity across all business units. Over the course of FY17, overheads were reduced by 20% to AUD79 million (2016: AUD98 million) and the cost structures were effectively adjusted and are commensurate to the revenue profile of the Company. The costs associated with sales and tendering were in line with budget. Australia Adjusted revenue declined by 38% to AUD328 million (2016: AUD525 million) due to the more selective approach to bidding. The Webb Dock project was completed during the year and performed in line with expectations. The operating earnings were negatively impacted by margin slippage on a few loss-making contracts, most of which were completed in 2017. The new contracts secured in FY17 are being executed at tendered margins. Southeast Asia Revenue decreased by 32% to AUD237 million (2016: AUD346 million) as a result of a major transmission pipeline in Thailand being completed in the prior year. The operational results were negatively impacted by underperformance on two infrastructure projects in Singapore. Both these projects are scheduled for completion during the first half of 2018. The Tangguh LNG export jetty contract, which was awarded to the business in 2017, is being executed at tendered margins. New Zealand and Pacific Islands Revenue reduced by 16% to AUD270 million (2016: AUD323 million) as the business unit successfully delivered the Waterview tunnel project and its work on the Christchurch infrastructure rebuild programmes. Even though some projects exceeded tendered margins within the business, these performances were not sufficient to compensate for the adverse impacts of the underperformance on the NOIC and Kawarua Falls Bridge projects, resulting in an overall operating loss for this business. These two loss-making contracts are scheduled for completion during 2018. Built Environs Built Environs has experienced a more than 100% increase in work in-hand compared to the same time last year, increasing revenue by 5%. New contract awards include the West Franklin Residential Development, Midvale Shopping Centre and Urbanest Student Housing projects. All projects are performing to tendered margin and there is a good pipeline of work opportunities in both Australia and New Zealand. Aveng Mining This operating segment comprises the merged businesses of Aveng Moolmans and Aveng Shafts & Underground. The segment reported a decrease in revenue to R4,1 billion (June 2016: R5,0 billion). Net operating earnings decreased by 21% to R219 million (June 2016: R276 million). The gross margin remained at 5% against the comparative period. The pressures experienced by clients due to the downturn in the commodity cycle are still evident in the current year's results; however, the second half has seen significant improvement in the open cut business. Equipment underperformance has negatively impacted a contract in Burkina Faso. However, new drill rigs have been deployed in the last quarter and have been effectively commissioned. High-level meetings have been held in July with the client to mitigate any further losses and agree a revised scope. The Bakubung platinum mine separation agreement was concluded on 20 September 2016 with full site evacuation in mid-June 2016. The impact is accounted for in the current year's results. The finalisation of this agreement removes significant risk from the business. The Shondoni mine contract was terminated in April 2017. Aveng Mining and Sasol Mining entered into an unsuccessful mediation process and the business will proceed with arbitration in order to resolve the dispute. The Gamsberg (South Africa) and Karowe (Botswana) mine contracts that commenced in the second half have been mobilised and are progressing to plan. Due to the upturn in the commodity prices, existing contracts have also started to increase their volumes. The mining operating group has made significant investments in the business through various financing type arrangements to effectively demonstrate the ability to lower its cost of capital and maintain an effective mixture of on versus off-balance sheet arrangements. The balance sheet of the mining business continues to remain conservative to allow for any new projects to be capitalised. Manufacturing and Processing This operating segment comprises Aveng Manufacturing and Aveng Steel. Revenue decreased by 10% to R7,9 billion (2015: R8,8 billion). Net operating loss improved significantly to a loss of R3 million (2016: R70 million loss). Aveng Manufacturing This operating group consists of Aveng Automation & Control Solutions ("ACS"), Aveng Dynamic Fluid Control ("DFC"), Aveng Duraset, Aveng Infraset and Aveng Rail. Revenue decreased by 18% to R2,4 billion (2016: R3,0 billion). Net operating earnings (EBIT) decreased by 47% to R51 million (2016: R96 million). Top line decline is evident in rail, mining, infrastructure and oil & gas sectors in South Africa. Profit has decreased substantially in the second half of the year. Low GDP growth has seen the traditional manufacturing customer base struggle to gain traction, resulting in lower turnover. Projects and tenders have been slow to be awarded or are subsequently being delayed. Furthermore, key customers are holding back capital expenditure and expansions. Aveng ACS: Revenue decreased by 7% to R408 million (2016: R441 million) due to lower project activity in the oil & gas sector. Aveng DFC: Revenue increased by 3% to R481 million (2016: R469 million) due to higher turnover from the foreign subsidiaries. Lower local market demand was prevalent in the water, mining, and projects markets. While South Africa, and European markets remained subdued, the Americas showed an increased growth trend. Aveng Duraset: Revenue decreased by 7% to R454 million (2016: R487 million). Turnover decline can be attributed to a downturn in market demand from both local and export mines. Aveng Infraset: Revenue decreased by 13% to R744 million (2016: R851 million). Market demand has declined in both the infrastructure and rail maintenance sectors. Consequently, there have been lower sleeper, pipes and paving tile sales. Aveng Rail: Revenue decreased by 52% to R372 million (2016: R770 million). Rail maintenance and rail construction continues to remain sluggish in terms of sales for the second half of the year. Tenders have been slow to be awarded and the timelines are constantly being pushed out. Aveng Steel This operating group consists of Aveng Trident Steel and Aveng Steeledale. Revenue decreased by 6% for Aveng Steel compared to the previous reporting period mainly as a result of the inclusion of six months� trading activities relating to Aveng Steeledale, which is being equity accounted from 1 January 2017. This was after a 70% beneficial interest was sold to Kutana Steel. Aveng Trident Steel Revenue increased by 10% compared to the previous reporting period. Volumes were flat; however, the business achieved a higher selling price per ton. Exchange rate volatility has had a negative impact on the business earnings. Aveng Steel continues to contribute positively to the Group's liquidity through improved working capital management. Its EBITDA improved to a R22 million loss compared to a R106 million loss for June 2016. Two-year order book The Group's two-year order book amounted to R29,9 billion at 30 June 2017, increasing by 8% from the R27,7 billion reported at 31 December 2016. This includes a 1% increase in AUD terms in McConnell Dowell's book, translating into a 3% increase in Rand terms. The Aveng Mining order book increased by 29% or R1,7 billion, in line with increased activity in the commodities sector. Aveng Grinaker-LTA's order book increased by 2%. Securing quality work at targeted margins remains a priority. The geographic split of the order book at 30 June 2017 was 51% Australasia and Asia (December 2016: 53%), 41% South Africa (December 2016: 41%) and 8% other (December 2016: 6%). A number of new projects have been awarded in the period under review, these include: - Aveng Grinaker-LTA has been awarded various Mechanical & Electrical maintenance contract, the Mtentu bridge in the Eastern Cape, the Pampoennek road project in North West, and the Fincorp office development in Mbabane - McConnell Dowell was awarded the Murray Basin rail upgrade in Australia, Level Crossing Removal Authority, Western Programme Alliance, Australia, Dryandra Road in Australia, Australia Swanson dock east rehabilitation works in Melbourne, and the U2 on Waymouth development in Australia - Aveng Mining was contracted to the Karowe (Botswana) and Gamsberg (South Africa) mines. Outlook and prospects The markets serviced by McConnell Dowell are expected to offer growth opportunities over the medium-term. In Australia, the continued roll-out of large-and medium-sized projects in the major cities is set to continue. In Southeast Asia, opportunities exist in infrastructure in Singapore, Malaysia, Thailand and the Philippines. Government investment in large-scale transport and water projects will fuel growth in the New Zealand market. Domestically the outlook for the infrastructure market remains subdued with limited visibility on large-scale projects. The muted outlook is expected to extend into the manufacturing sector. However, there are opportunities to increase the penetration into selected international markets. The local construction and manufacturing businesses will remain focused on improving financial performance in what is expected to be a continuously difficult market environment. The improved contract mining environment and some notable contract wins place the operating group in a strong position to pursue its longer-term growth strategy in selected international markets. Furthermore, the focus will remain on optimisation efforts in Aveng Steel to deliver a break-even result in the current depressed market conditions, which are expected to persist. The immediate priority for the Group will be the completion of the strategic and operational reviews. Non-core assets have been identified and a disposal process has commenced. The improvement of liquidity headroom will remain a key focus in the immediate term. Resignation of Aveng CEO In compliance with paragraph 3.59 of the Listings Requirements of the JSE, Aveng wishes to announce that Mr Kobus Verster has informed the Company's Board of directors of his resignation as Chief Executive Officer and Executive Director, with immediate effect. Kobus has made the decision to step down as CEO of the Company to pursue other opportunities. Mr Eric Diack will assume the duties of CEO, until such time as a new CEO has been appointed. Financial assistance: Notice to shareholders in terms of section 45(5) of the Companies Act In terms of the special resolution that was adopted by the Company at the Company's general meeting on 21 October 2016, the shareholders of the Company authorised the Company to provide financial assistance to all related and inter-related companies within the Group. The Company will be providing loan funding to Aveng Australia Holdings Proprietary Limited. These loans constitute "financial assistance" as defined in section 45(1) of the Companies Act, 2008. Accordingly, notice is hereby given that, in terms of the provisions of section 45(5) of the Companies Act, and pursuant to the special resolution referred to above, the Board of directors of the Company has adopted resolutions to approve the provision of financial assistance to Aveng Australia Holdings Proprietary Limited. The financial assistance will exceed one-tenth of 1% of the Company�s net worth at the time of passing the resolution. Having considered all reasonable financial circumstances of the Company in terms of and pursuant to the provisions of section 45 as read with section 4 of the Companies Act, the Board satisfied itself that: (a) immediately after providing the financial assistance referred to above, the Company would satisfy the solvency and liquidity test contemplated in section 4 of the Companies Act; (b) all relevant conditions and restrictions relating to the granting of such financial assistance by the Company contained in the Company's memorandum of incorporation are satisfied; and (c) the terms and conditions on which such financial assistance is to be given are fair and reasonable to the Company. Disclaimer The financial information on which any outlook statements are based has not been reviewed or reported on by the external auditor. These forward-looking statements are based on management's current belief and expectations and are subject to uncertainty and changes in circumstances. The forward-looking statements involve risks that may affect the Group's operations, markets, products, services and prices. By order of the Board EK Diack AH Macartney Executive Chairman Chief Financial Officer Date of release: 26 September 2017 CORPORATE INFORMATION Directors EK Diack (Executive Chairman and Chief Executive Officer), KW Mzondeki*# (Lead Independent Director), PJ Erasmus*#, SJ Flanagan*#, MA Hermanus*#, PA Hourquebie*#, MJ Kilbride*#, AH Macartney (Group CFO), JJA Mashaba (Group Executive Director), TM Mokgosi-Mwantembe*, MI Seedat*# *Non-executive #Independent Company Secretary Michelle Nana Business address and registered office Aveng Park 1 Jurgens Street, Jet Park Boksburg, 1459 South Africa Telephone +27 (0) 11 779 2800 Company registration number 1944/018119/06 Share codes JSE: AEG ISIN: ZAE 000111829 Auditors Ernst & Young Inc. Registration number: 2005/002308/21 102 Rivonia Road Sandton, Johannesburg, 2196 Private Bag X14 Northlands, 2146 South Africa Telephone +27 (0) 11 772 3000 Telefax +27 (0) 11 772 4000 Principal bankers Absa Bank Limited Australia and New Zealand Banking Group Limited FirstRand Bank Limited HSBC Bank plc Investec Bank Limited Nedbank Limited The Standard Bank of South Africa Limited United Overseas Bank Limited Corporate legal advisers Baker McKenzie Norton Rose Fulbright Webber Wentzel Sponsor UBS South Africa Proprietary Limited Registration number: 1995/011140/07 64 Wierda Road East Wierda Valley, Sandton 2196 PO Box 652863 Benmore, 2010 South Africa Telephone +27 (0) 11 322 7000 Facsimile +27 (0) 11 322 7380 Registrars Computershare Investor Services Proprietary Limited Registration number: 2004/003647/07 Rosebank Towers, 15 Biermann Avenue Rosebank 2196, South Africa PO Box 61051 Marshalltown, 2107 South Africa Telephone +27 (0) 11 370 5000 Telefax +27 (0) 11 688 5200 Website http://www.aveng.co.za Date: 26/09/2017 09:30:00 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.

Funding commitment between Wearne and Milost Global Inc and withdrawal of cautionary announcement WG Wearne Limited (Incorporated in the Republic of South Africa) (Registration number 1994/005983/06) Share code: WEA ISIN: ZAE000078002 ("Wearne" or "the Company") Funding commitment between Wearne and Milost Global Inc and withdrawal of cautionary announcement 1. Funding commitment Shareholders are advised that Wearne has on 21 September 2017 signed a funding commitment letter with Milost Global Inc ("Milost") for equity and debt funding of up to R300 000 000, in terms of which Milost will, subject to certain terms and conditions: - invest R50 million in Wearne for the subscription of ordinary shares in Wearne; and - lend and advance R250 million in convertible notes. Milost is not a related party to Wearne. In the event that any of the above matters fall outside the general authority granted to the board at the last annual general meeting dated 26 October 2016, or if Milost becomes a related party to Wearne as defined by the JSE Listing Requirements, shareholder approval will be required. Milost agreed not to trade its shares in Wearne for a period of 90 days from the date of receipt of shares. The funding is subject to the execution of an equity subscription agreement by both parties. A further announcement will be made in due course. 2. Withdrawal of cautionary announcement Shareholders are referred to the SENS announcement dated 13 September 2017 and are advised that caution is no longer required to be exercised by shareholders when dealing in Wearne securities. Johannesburg 26 September 2017 Designated advisor Exchange Sponsors Date: 26/09/2017 09:28:00 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.

Disclosure of beneficial interests in securities ASTRAL FOODS LIMITED "Astral Foods" or "the Company" (Reg. No. 1978/003194/06) (Incorporated in the Republic of South Africa) Share Code: ARL ISIN Code: ZAE000029757 Disclosure of Beneficial Interests in Securities in terms of Paragraph 3.83 of the JSE Limited Listings Requirements and Section 122 of the Companies Act. In compliance with paragraph 3.83(b) of the JSE Limited Listings Requirements and section 122 (3)(b) of the Companies Act 71 of 2008 ("the Act"), shareholders are advised that Astral Foods has received formal notification that Investec Asset Management Holdings Proprietary Limited, on behalf of segregated clients, have acquired 2 999 issued ordinary shares of the Company, thereby increasing their aggregate holding to 10% of the total issued ordinary shares of the Company. Astral Foods will, as required by section 122 (3)(a) of the Act, file the required notice with the Takeover Regulations Panel. Pretoria 26 September 2017 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 26/09/2017 09:18:00 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.

Reviewed Interim Report for the six months ended 30 June 2017 PALLINGHURST RESOURCES LIMITED (Incorporated in Guernsey) (Guernsey registration Number: 47656) (South African external company registration number 2009/012636/10) Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93 Share code on the JSE: PGL ("Pallinghurst", the "Company" or "PRL") PALLINGHURST RESOURCES LIMITED INTERIM REPORT 2017 for the six months ended 30 June 2017 Highlights this year include: - PRL was transformed from a closed-end investment vehicle into a long-life operating mining company, with effect from 1 August 2017. - Gemfields plc was acquired via a public market offer, which succesfully completed post the period end. - SPM dispatched 62,000 ounces of PGM's in the first six months of the year, while building up to an accumulated 4.4 million fatality-free shifts. - Tshipi became the largest exporter of manganese ore from South Africa, selling 2.3 million tonnes in its financial year to 28 February 2017, and another 1.5 million tonnes in the six months to 31 August 2017. - Tshipi distributed ZAR1 billion to its shareholders in February 2017, and a further ZAR500 million in September 2017. - Gemfields achieved its highest ever single-auction revenue in June 2017 when US$55 million of rough rubies were sold in Singapore. Two emerald auctions in the first half of this year, generated a further US$37 million. "The period from January 2017 has proven to be one of the most important in PRL's 10 year life. In June, a supermajority of the shareholders supported the transformation of PRL into a long-life mining company. As our first transformational deal, backed by 96% of PRL's shareholders, we acquired all of the shares in Gemfields, which now becomes a fully owned subsidiary of PRL. The key aim of your management team is to restore Gemfields to a strong financial position by revitalising its operations and to realise our vision of becoming "the coloured gemstones equivalent of De Beers". I am pleased to report that the integration is well advanced and significant cost benefits are being realised. The new management team is in place with initial operating results from both Kagem and Montepuez being encouraging. In our steel making materials division, Jupiter delivered an outstanding performance with PRL receiving its maiden distribution from that investment, with a further distribution expected in the second half of 2017. Our Sedibelo PGM mine continues to operate in a most challenging environment, and has successfully implemented drastic cost cutting measurements. Its safety record of almost 4.5 million fatality free shifts remains one of the best in the industry. We thank our shareholders for their support for both the transformation of PRL and the acquisition of Gemfields. Our team is motivated and fully committed to developing PRL to its full potential as an operating mining company. Our revised business plan is well advanced, and following approval, this will be communicated to all shareholders." Arne H. Frandsen Chief Executive Financial results For the year to date, Pallinghurst Resources Limited ("PRL", the "Company" or the "Group") posted a Total Comprehensive Loss of US$81 million, of which almost all is due to unrealised write downs in asset valuations. There are two areas where the write downs took place: Firstly, since the year-end 2016 valuation, the Gemfields share price has declined to 32 pence per share. Despite Gemfields being subject to the PRL takeover offer and a third party unsuccessfully making an offer at 45 pence per share, accounting convention requires that the listed share price of 32 pence at 30 June 2017 should be used in valuing this investment. Accordingly, PRL had to write down this investment by US$64 million, accounting for 79% of the Comprehensive Loss for the period. In addition, notwithstanding the SPM valuation of approximately US$3 billion in the recent Competent Person's Report, the challenging environment for platinum producers, and the political uncertainty in South Africa, in particular the unease and value destruction caused by the release of the Mining Charter III, has led to an unrealised value adjustment of US$16 million. Jupiter Mines had a strong performance due to Tshipi's low-cost base and strong manganese prices, but no material valuation increase has been made in these accounts. Should the strong financial performance continue, such an upward value adjustment may be applied at the end of the financial year. All three of the Company's investments represent attractive value propositions for shareholders. In future years, PRL accounts will consolidate Gemfields operating results, which should reduce these (sometimes radical) swings in asset values being reflected through the Consolidate Statement of Comprehensive Income. Platinum Group Metals ("PGM") Whilst the US dollar prices of platinum and palladium increased by 3% and 24% respectively during the first half of the year, the PGM environment remains challenging for all producers. The strengthening of the ZAR against the US dollar has added further pressure on all South African PGM producers - including Sedibelo Platinum Mines Limited ("Sedibelo / SPM") as most costs are denominated in ZAR and revenues in US dollars. In response to the current adverse PGM market environment, Sedibelo continues to focus on cost cutting and cash preservation rather than on increasing output. This has enabled the company to withstand the currently depressed markets without seeking new shareholder capital. Sedibelo's subsidiary, Pilanesberg Platinum Mines, dispatched 62,000 ounces of 4E PGM in the half year, down by 23% over the comparative period in 2016. Sedibelo has also continued the development of its industry-changing Kell technology. The Kell technology is an innovative hydrometallurgical alternative to the smelting of PGM concentrates. It is an environmentally friendly process which is significantly less capital intensive, can operate at lower costs, and uses only approximately a fifth of the electricity required of a conventional PGM refinery. A landmark agreement was reached between KellTech (in which Sedibelo holds a material interest) and the Zimbabwean government, that could lead to a US$500 million investment in beneficiation in Zimbabwe. The beneficiation investment would be in the form of Kell beneficiation plants, owned through a joint venture between the Zimbabwe Mineral Development Company and KellTech. SPM places a strong emphasis on workplace safety and has recently achieved a record of over 4.4 million fatality-free shifts, a considerable achievement in any mining environment. SPM continues to support the social and economic development of the local community, including building health clinics, schools, water and road projects and offering internships to community members at the mine. The cost-cutting initiatives and technological advances at SPM are providing support through the continued difficult market conditions. The long-term supply and demand fundamentals remain positive. SPM, with its large and shallow resource base with a strong balance sheet with no debt, is well-positioned to benefit from any recovery in the PGM industry. Steel Making Materials The manganese market had a volatile start to 2017 with the 37% FOB spot manganese price decreasing by 46% (from US$7.45 to UD$4.03/dmtu) over the first six months of the year. This large decline in the first six months was partially due to industry-wide production increases that took advantage of the high prices seen towards the end of 2016. Since then, the spot price has remained relatively strong at long-term levels as China's demand for steel has held firm. Tshipi é Ntle Manganese Mining (Pty) Limited ("Tshipi") is performing exceptionally well and responded rapidly to the stronger prices, increasing production, whilst continuing to optimise its costs. Accordingly, Tshipi sold 2.3 million tonnes of manganese ore in its financial year to 28 February 2017, 53% higher than the prior year. Tshipi saw record revenues and profit for the year and distributed ZAR1 billion to its shareholders. Jupiter Mines Limited ("Jupiter") received ZAR499 million in February 2017 and distributed approximately US$54 million to its shareholders, with PRL receiving approximately US$10 million. Tshipi is targeting exports of 3 million tonnes for the 2017/18 financial year and is well on target to achieve this with over 1.5 million tonnes sold for the six months to 31 August 2017. Jupiter announced that Tshipi exported over 1.3 million tonnes for the five months to July 2017 making Tshipi the largest exporter of manganese ore from South Africa, and at these levels is the third largest seaborne manganese producer globally. Tshipi's commitment to the safety of its employees has resulted in zero lost time injuries being recorded in the first six months of 2017. In September 2017, Tshipi distributed an additional ZAR500 million to its shareholders whilst retaining its debt-free balance sheet. Jupiter will use its 49.9% share as part of a further distribution of US$25 million to be made to its shareholders by the end of the year, with PRL due to receive approximately US$4.6 million. Jupiter received US$2.3 million as a result of the exit from OM Tshipi (S) Pte Ltd ("OMT"), the joint venture set-up to market and sell manganese ore produced by Tshipi. Subsequent to the exit from OMT, Jupiter now markets and sells its 49.9% share of the ore produced by Tshipi. Jupiter released its financial statements for the year ended 28 February 2017 recording a total comprehensive profit of AUD200 million which was largely due to the reversal of the prior year's impairment of its interest in Tshipi as well as its share of Tshipi's profit. Jupiter's Mount Ida magnetite and Mount Mason hematite projects in the Central Yilgarn region of Western Australia remain on care and maintenance. Jupiter continues to monitor the iron ore market and is ready to recommence work on these projects once market conditions are favourable. In March 2017, Jupiter and its partner Main Street 774 (Pty) Limited launched an initiative to investigate strategic options to realise shareholder value from Tshipi. This may result in a trade sale or Initial Public Listing. Bank of America Merrill Lynch were appointed as lead advisors to progress these options. Coloured Gemstones Gemfields plc ("Gemfields") experienced a challenging period, with auction revenues declining by 24% to US$133 million in its financial year ending 30 June 2017 (versus US$174 million in the prior year). While performance at the Montepuez ruby mine remained strong, the Kagem emerald mine saw gem production fall more than 37% to 19 million carats, the lowest figure in seven years. Emerald prices remained robust, but lower production, especially of high value gems, meant Kagem's auction revenues fell 53% to US$47.5 million in its financial year ending 30 June 2017 (versus US$101.4 million in the prior year). Gemfields held one rough ruby auction in the first six months of the year, in June 2017 in Singapore, and achieved its highest ever auction revenue when US$55 million of rough rubies were sold at an average price of US$61.13 per carat. This was the eighth auction of rubies and corundum produced at Montepuez, which have collectively generated revenues of US$281 million. Demand for Gemfields' emeralds remains strong with Gemfields holding two auctions in the first six months of the year. A higher quality rough emerald auction was held in February 2017 in Lusaka, Zambia which generated revenues of US$22 million at an average price of US$63.61 per carat. In May 2017, a commercial quality rough emerald auction was held in Jaipur, India generating revenues of US$15 million at US$4.68 per carat, the second highest average price ever achieved for a commercial quality rough emerald auction. 100% of the emeralds offered at the Jaipur auction were sold, a strong indication of the continued demand for Gemfields' responsibly sourced gems. Gemfields' 25 auctions of emerald and beryl mined at Kagem since July 2009 have generated US$474 million in aggregate revenues. Kagem's ore grade in its financial year ending 30 June 2017 fell to 158 carats per tonne, down 34% from 241 carats per tonne in the prior year. During the same period, ruby and corundum production at Montepuez fell by 14% to 8.8 million carats from 10.3 million carats in the prior year (on a grade that declined from 35 carats per tonne to 16 carats per tonne, reflecting the intended increase in processing of lower grade but higher quality ore from the Mugloto pits). Gemfields aims to promote excellence in mining coloured gemstones and to have as little impact on the environment as possible. At Kagem, the Chapula Secondary School and Nkana Clinic continued to be supported during the period and were handed over to the community following further improvements. The Masasa Bridge connecting the Lumpuma chiefdom was rehabilitated and work with the agricultural societies continued to be strengthened with additional training and technical support. At Montepuez, support continues to be given to encourage farmers to produce higher value crops with over 200 farmers benefitting from the project. A mobile clinic was officially launched, treating some 4,000 patients per month, and Montepuez completed construction of a new school whilst rehabilitating two others. Gemfields' luxury brand, Fabergé, saw both an increase in the number of pieces sold and a decrease in operating costs during the first six months of the year when compared to the prior year period. Fabergé's presence at BaselWorld saw it launch the Visionnaire Chronograph timepiece, alongside new jewellery pieces. The Visionnaire Chronograph has been shortlisted for the prestigious Grand Prix de Horlogerie de Geneve, the third consecutive year in which a Fabergé timepiece has been shortlisted for what is widely regarded as the "Oscars of the watchmaking industry". Fabergé won an award in both 2015 and 2016. Gemfields announced the cessation of operations in both Colombia and Sri Lanka. The withdrawal from Colombia was primarily due to the conditions precedent not being satisfied in the stipulated timeframe. Gemfields interests in exploration licences in Sri Lanka are currently being maintained. Gemfields is currently focussing on optimising its existing portfolio of core assets, namely Kagem, Montepuez and Fabergé. Bulk sampling operations have also commenced at the Dogogo South emerald prospect in southern Ethiopia. __________________________________________________ Pallinghurst's offer for Gemfields Pallinghurst has been the founding and largest shareholder of Gemfields since it and the Pallinghurst Co-Investors contributed Kagem to Gemfields for shares and supported a contemporaneous share placing in July 2008. Gemfields is a core component of Pallinghurst's value proposition to its shareholders and unlocking its full value potential is of paramount importance to the Company. Despite many positive developments, the share price of Gemfields did not reflect its inherent value, which has in turn adversely affected the share price performance of Pallinghurst. Gemfields remains an attractive and unique business but its structure meant that Gemfields was constrained by limited access to equity and debt capital markets, low liquidity in the trading of Gemfields shares and a high cost base contributing to depressed profitability. Pallinghurst believe that the restructuring and integration of Gemfields will enable it to perform to its full potential, materially improving trading liquidity and promoting a re-rating of the enlarged Group. Accordingly, on 19 May 2017, PRL announced the terms of an offer for the whole of the issued and to be issued share capital of Gemfields, other than the shares already held by PRL (the "PRL Offer"). Each Gemfields shareholder was entitled to receive 1.91 PRL shares for each Gemfields share they held. The PRL Offer valued each Gemfields share at 38.5 pence on 19 May 2017. The "independent" Gemfields board of directors opposed the PRL Offer which led to Fosun Gold Holdings Limited ("Fosun") announcing on 20 June 2017 the terms of a cash offer for the whole of the issued and to be issued share capital of Gemfields (the "Fosun Offer"). The Fosun Offer valued each Gemfields share at 45 pence and the "independent" Gemfields board of directors agreed a US$2 million break fee if the PRL Offer or any higher offer was declared unconditional. On 26 June 2017, the PRL Offer was declared wholly unconditional and the Fosun Offer lapsed and the break fee became payable. Related financial and other advisory costs of approximately US$5 million was agreed by the "independent" Gemfields board of directors in opposing the PRL Offer, which has added additional financial pressure to Gemfields, which already had incurred record debt levels. Gemfields was delisted from the AIM market of the London Stock Exchange on 28 July 2017. In August 2017, as the level of Gemfields share acceptances surpassed 90% of the shares to which the PRL Offer related, the Company commenced the compulsory acquisition process of the remaining Gemfields shares. Once the compulsory acquisition process is complete PRL will own 100% of Gemfields. With Gemfields now under PRL's control, a thorough review and analysis of the operations, including processes, plans, budgets and financial position is underway. Certain operational improvements have already been made at Kagem and an encouraging increase in the recovery of premium emeralds has already been seen. Premium emeralds are the highest grade of gemstones produced by Kagem and form the large majority of Kagem's total revenue. A selection of these premium emeralds will be offered as part of the predominantly high-quality emerald auction in Lusaka, Zambia from 2 - 5 October 2017. Pallinghurst (Cayman) GP L.P. September 2017 Condensed Consolidated Statement of Comprehensive Income for the six months ended 30 June 2017 1 January 2017 to 1 January 2016 to 1 January 2016 to 30 June 2017 30 June 2016 31 December 2016 US$ '000 US$ '000 US$ '000 Notes (reviewed) (reviewed) (audited) INCOME Investment Portfolio Unrealised fair value gains 2 918 3,987 49,768 Unrealised fair value losses 2 (80,296) (34,177) - Realised gain on disposal of Jupiter shares 4 5,337 - - (74,041) (30,190) 49,768 Investment Portfolio revenue Loan interest income 2 222 358 619 222 358 619 Net (loss)/gain on investments and income from operations (73,819) (29,832) 50,387 EXPENSES Investment Manager's Benefit 6 (2,442) (2,715) (4,988) Operating expenses (552) (466) (904) Gemfields acquisition - transaction costs 5 (4,387) - - Foreign exchange gains 2 11 9 (7,379) (3,170) (5,883) Net (loss)/gain from operations (81,198) (33,002) 44,504 Finance income 19 - 1 Finance costs (5) (2) (3) Net finance income/(costs) 14 (2) (2) (Loss)/profit before fair value gain of associates (81,184) (33,004) 44,502 Fair value gain of associates 2 2 61 71 (Loss)/Profit before tax (81,182) (32,943) 44,573 Tax (3) (2) (3) NET (LOSS)/PROFIT AFTER TAX (81,185) (32,945) 44,570 Other comprehensive income - - - TOTAL COMPREHENSIVE (LOSS)/INCOME (81,185) (32,945) 44,570 Basic and diluted (loss)/earnings per ordinary share-US$ 10 (0.11) (0.04) 0.06 All elements of total comprehensive (loss)/income for the period and all comparative periods are attributable to owners of the parent. There are no non-controlling interests. The accompanying notes form part of these Financial Statements. CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2017 30 June 2017 30 June 2016 31 December 2016 US$ 000 US$ 000 US$ 000 Notes (reviewed) (reviewed) (audited) ASSETS Non-current assets Investments in associates 2 1,267 1,255 1,265 Investment Portfolio Listed equity investments 2 179,390 124,426 164,615 Unlisted equity investments 2 173,675 154,100 193,869 353,065 278,526 358,484 Total non-current assets 354,332 279,781 359,749 Current assets Investment Portfolio Loans and receivables 2 - 6,662 4,948 Cash and cash equivalents 12,935 1,690 1,218 Trade and other receivables 1,253 1,376 1,175 Other investments 14 21 12 Total current assets 14,202 9,749 7,353 Total assets 368,534 289,530 367,102 LIABILITIES Current liabilities Trade and other payables 5,470 150 207 Total current and other liabilities 5,470 150 207 Net assets 363,064 289,380 366,895 EQUITY Capital and reserves attributable to equity holders Share capital 9 12 8 8 Share premium 9 475,896 375,227 375,227 Reserve for own shares 9 (23,319) - - Retained losses (89,525) (85,855) (8,340) Total equity 363,064 289,380 366,895 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 June 2017 1 January 2017 1 January 2016 1 January 2016 to 30 June 2017 to 30 June 2016 to 31 December 2016 US$ 000 US$ 000 US$ 000 Notes (reviewed) (reviewed) (audited) Cash outflows from operations 7 (3,412) (3,431) (5,876) Loans extended to investments - - (4,925) Loans repaid by investments 5,000 3,500 10,000 Loan interest received 169 - 400 Proceeds from disposal of Jupiter shares 10,105 - - Net cash flows from operating activities 11,862 69 (401) Cash flows fron financing activities Gemfields Acquisition - share issue transaction costs paid in the period (147) - - Net cash outflow from financing activities (147) - - NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS 11,715 69 (401) Cash and cash equivalents at the beginning of the period/year 1,218 1,610 1,610 Foreign exchange gain on cash 2 11 9 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD/YEAR 12,935 1,690 1,218 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2017 Share Share Reserve for Retained Total equity capital premium own shares losses/earnings US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 Balance at 1 January 2016 (audited) 8 375,227 - (52,910) 322,325 Total comprehensive loss for the period - - - (32,945) (32,945) Balance at 30 June 2016 (reviewed) 8 375,227 - (85,855) 289,380 Total comprehensive income for the period - - - 77,515 77,515 Balance at 31 December 2016 (audited) 8 375,227 - (8,340) 366,895 Gemfields Acquisition - shares issued in exchange for Gemfields shares acquired 4 102,042 - - 102,046 Gemfields Acquisition - share issue transaction costs - (1,373) - - (1,373) Gemfields Acquisition - own shares acquired - - (23,319) - (23,319) Total comprehensive loss for the period - - - (81,185) (81,185) Balance at 30 June 2017 (reviewed) 12 475,896 (23,319) (89,525) 363,064 The accompanying notes form part of these Financial Statements. NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2017 1. ACCOUNTING POLICIES The financial statements within the Interim Report are for the period from 1 January 2017 to 30 June 2017 (the "Interim Financial Statements"). The financial information for the year ended 31 December 2016 that has been included in these Interim Financial Statements does not constitute full statutory financial statements as defined in The Companies (Guernsey) Law, 2008. The information included in this document for the comparative year was derived from the Annual Report and Financial Statements for the year ended 31 December 2016 (the "Annual Financial Statements"), a copy of which has been delivered to the Guernsey Financial Services Commission, the Johannesburg Stock Exchange ("JSE") and the Bermuda Stock Exchange. The auditor's report on the Annual Financial Statements was unqualified and stated that the Annual Financial Statements gave a true and fair view, were in accordance with International Financial Reporting Standards ("IFRS") and complied with The Companies (Guernsey) Law, 2008. The following emphasis of matter was included in their report: Emphasis of Matter - Upcoming expiry of initial life-span In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made concerning the Company's intention to extend its initial life-span. The initial life-span of the Company is scheduled to end on 14 September 2017 unless it is extended or the Articles of Incorporation are changed by resolution of the shareholders. The exact nature of any extension to the Company's life beyond 14 September 2017 cannot presently be determined as it is subject to shareholder vote at a general meeting of the Company, which has not yet been held. The financial statements have been prepared on a going concern basis which we consider to be appropriate. Basis of accounting These Interim Financial Statements have been prepared in accordance with IAS34 Interim Financial Reporting ("IAS34") and applicable legal requirements of The Companies (Guernsey) Law, 2008. They do not include all of the information required for full financial statements and are to be read in conjunction with the Annual Financial Statements. The Annual Financial Statements were prepared under IFRS as issued by the International Accounting Standards Board ("IASB"), the financial reporting guides issued by the Accounting Practices Committee of the South African Institute of Chartered Accountants (the "SAICA Reporting Guides") and the financial reporting pronouncements issued by the Financial Reporting Standards Council of South Africa (the "FRSC Pronouncements"). The Annual Financial Statements also comply with the JSE Listings Requirements and the BSX Listing Regulations. The principal accounting policies applied are consistent with those adopted and disclosed in the Annual Financial Statements. The Interim Financial Statements have been prepared on the historic cost basis, except for the valuation of certain equity investments held within the Investment Portfolio. These equity investments are measured at fair value not historic cost. Historic cost is generally based on the fair value of the consideration given in exchange for the assets. Other than information contained within the Condensed Consolidated Statement of Cash Flows, the Interim Financial Statements have been prepared on the accruals basis. Interim results Materially all of the Group's results are related to investment valuations and are not directly affected by seasonality or the cyclicality of operations. An investment's most recent financial results do not necessarily directly impact upon the fair value of that investment and other factors are usually more relevant in determining fair value than seasonality or the cyclicality of operations. Going concern basis of accounting The Directors have considered the likely cash flows and costs of the Group, for twelve months subsequent to the signature of the Interim Financial Statements, and have concluded that the Group has adequate resources to continue in its activities for the foreseeable future. The Group has significant assets that could be either sold or leveraged for short term finance, should this be necessary. The Interim Financial Statements have, therefore been prepared on the going concern basis. Changes and amendments to IFRS A number of amendments to IFRS have become effective for financial periods beginning on (or after) 1 January 2017, and are therefore applicable for these Interim Financial Statements. These amendments have not had a material impact on the Group. 2. INVESTMENT PORTFOLIO The reconciliation of the Investment Portfolio valuations from 1 January 2017 to 30 June 2017 is as follows: Accrued Unrealised Unrealised interest and Additions Opening at 1 fair value fair value Realised structuring and Closing at 30 January 2017 gains losses gains fee disposals June 2017 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Investment Listed equity investments Gemfields (1) 164,615 - (63,952) - - 78,727 179,390 164,615 - (63,952) - - 78,727 179,390 Unlisted equity investments Jupiter (2) 79,461 918 - 5,337 - (10,105) 75,611 Sedibelo Platinum Mines (3) 114,408 - (16,344) - - - 98,064 193,869 918 (16,344) 5,337 - (10,105) 173,675 Total non-current 358,484 918 (80,296) 5,337 - 68,622 353,065 Loans and receivables Gemfields - US$5 million loan (4) 4,948 - - - 222 (5,170) - Total current 4,948 - - - 222 (5,170) - Total Investment Portfolio 363,432 918 (80,296) 5,337 222 63,452 353,065 (1) The unrealised fair value loss on Gemfields of US$63.952 million includes an unrealised foreign exchange loss of US$10.297 million. The Group acquired an additional US$78.727 million interest in Gemfields as part of the Gemfields Acquisition during June 2017. The additional interest acquired has been valued at the PRL share price (on the day of each tranche of acceptances) converted at the 1.91 Offer ratio and the daily US$/ZAR exchange rate. (2) The unrealised fair value gain on Jupiter of US$0.918 million does not include any foreign exchange as the valuation is denominated in US$. The realised gain on Jupiter of US$5.337 million does not include any foreign exchange as the cash receipt was denominated in US$. The Company disposed of 6% of its shares to Jupiter at a price of US$0.40 per share. The transaction completed on 13 March 2017 with the Company receiving US$10.1 million, see Note 4 Realised gain on Jupiter Buy-Back. (3) The unrealised fair value loss on SPM of US$16.344 million does not include any foreign exchange as the valuation is denominated in US$. (4) The Group made a loan to Gemfields of US$4.925 million (US$5 million less an arrangement fee of US$0.075 million). The loan, including interest and arrangement fee was repaid by Gemfields on 30 June 2017. The reconciliation of the Investment Portfolio valuations from 1 January 2016 to 30 June 2016 was as follows: Accrued Unrealised Unrealised interest and Additions Opening at 1 fair value fair value structuring and Closing at 30 January 2016 gains losses fee disposals June 2016 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Investment Listed equity investments Gemfields (1) 158,603 - (34,177) - - 124,426 158,603 - (34,177) - - 124,426 Unlisted equity investments Jupiter (2) 35,705 3,987 - - - 39,692 Sedibelo Platinum Mines 114,408 - - - - 114,408 150,113 3,987 - - - 154,100 Total non-current 308,716 3,987 (34,177) - - 278,526 Loans and receivables Gemfields - US$10 million loan (3) 9,804 - - 358 (3,500) 6,662 Total current 9,804 - - 358 (3,500) 6,662 Total Investment Portfolio 318,520 3,987 (34,177) 358 (3,500) 285,188 (1) The unrealised fair value loss on Gemfields of US$34.177 million includes an unrealised foreign exchange loss of US$15.104 million. (2) The unrealised fair value gain on Jupiter of US$3.987 million does not include any foreign exchange as the valuation is denominated in US$. (3) The Group made a loan to Gemfields of US$9.776 million (US$10 million less an arrangement fee of US$0.224 million). The loan, including interest and arrangement fee was repaid by Gemfields on 9 December 2016. The reconciliation of the Investment Portfolio valuations from 1 January 2016 to 31 December 2016 was as follows: Accrued Unrealised Unrealised income and Additions Opening at 1 fair value fair value structuring and Closing at January 2016 gains losses fee disposals 31 December 2016 Investment US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 (audited) (audited) (audited) (audited) (audited) (audited) Listed equity investments Gemfields(1) 158,603 6,012 - - - 164,615 158,603 6,012 - - - 164,615 Unlisted equity investments Jupiter (2) 35,705 43,756 - - - 79,461 Sedibelo Platinum Mines 114,408 - - - - 114,408 150,113 43,756 - - - 193,869 Total non-current 308,716 49,768 - - - 358,484 Loans and receivables Gemfields-US$10 mil. loan(3) 9,804 - - 596 (10,400) - Gemfields-US$5 mil. loan(4) - - - 23 4,925 4,948 9,804 - - 619 (5,475) 4,948 Total current 9,804 - - 619 (5,475) 4,948 Total Investment Portfolio 318,520 49,768 - 619 (5,475) 363,432 (1) The unrealised fair value gain on Gemfields of US$6.012 million includes an unrealised foreign exchange loss of US$26.336 million. (2) The unrealised fair value gain on Jupiter of US$43.756 million does not include any direct foreign exchange gain/loss as the valuation is denominated in US$. (3) The Group made a loan to Gemfields of US$9.776 million (US$10 million less an arrangement fee of US$0.224 million). The loan, including interest and arrangement fee was repaid by Gemfields on 9 December 2016. (4) The Group made a loan to Gemfields of US$4.925 million (US$5 million less an arrangement fee of US$0.075 million). The loan, including interest and arrangement fee was repaid by Gemfields on 30 June 2017. Sedibelo Platinum Mines Limited - equity Nature of investment The Group holds an equity interest in SPM, a producer of PGMs with interests in the Bushveld Complex in South Africa. Fair value methodology The Directors have estimated that the value of SPM is US$1.5 billion; the Group's indirect 6.54% interest has therefore been valued at US$98 million. The Directors have considered a range of sources in determining the valuation of SPM. The primary source used by the Directors in their valuation is a competent person's report prepared by an independent third party as at 31 December 2016 ("the CPR"). The CPR is the latest available report used by the Directors in their valuation of SPM at 30 June 2017. The CPR includes discounted cash flow ("DCF") analysis to value SPM's key assets and includes a range of valuations. The preferred valuation of SPM at 31 December 2016 given by the CPR is US$2.94 billion; the Group's indirect 6.54% interest on this basis would be valued at US$192 million. The DCF analysis is based on a number of predictions and uncertainties including forecast PGM prices, production levels, costs, discount rates, exchange rates and the consolidated mine plan. Changing any of these assumptions may materially affect the implied valuation. The Directors note that the valuation of SPM is sensitive to various key inputs, in particular the platinum price, the palladium price, the discount rate and production levels. The CPR used information from a range of sources to forecast PGM prices. The platinum price was forecast to be within a range of US$1,038 to US$1,302 over SPM's life-of-mine. Using the same range of sources at 30 June 2017, the forecasts for platinum have fallen to within a range of US$979 to US$1,300 over SPM's life-of-mine. The palladium price was forecast to be within a range of US$704 to US$820 over SPM's life-of-mine. Using the same range of sources at 30 June 2017, the forecasts for palladium have risen to within a range of US$785 to US$863 over SPM's life-of-mine. Platinum, the key PGM produced by SPM, has traded below its forecast price for the first six months of 2017 and long-term forecasts for platinum have reduced, which implies a reduction in the CPR valuation. Accordingly, the Directors have applied a 5% reduction in the forecast PGM prices used in the CPR; utilising sensitivity analysis from the CPR, this results in an 11% reduction in the valuation of SPM. The Directors note that due to the higher political risk associated with South Africa, including the downgrade of South Africa's credit rating and the release of Mining Charter III during the period, implies that a higher Weighted Average Cost of Capital ("WACC") should be used in the DCF model, which further implies a reduction in the CPR valuation. The post-tax USD real WACC used in the CPR for the DCF valuations of SPM's key assets is 8.10%. Given the political uncertainty, the Directors believe that a higher USD WACC could be justified and have applied a WACC of 9%; utilising sensitivity analysis from the CPR, this results in a further 9% reduction in the valuation of SPM. The market price of listed PGM companies often differs to the underlying Net Asset Value ("NAV") - the size of the discount or premium is dependent on many factors and can fluctuate significantly, particularly in periods of significant equity market volatility, which has been seen over the past couple of years. Comparable members of SPM's peer group of listed PGM companies were trading at an average discount to NAV of approximately 28% on 30 June 2017 and the Directors believe that an equivalent discount should be applied as part of the overall discount applied to the CPR. The Directors further note that the long-term US$/ZAR exchange rate used in the DCF model of US$1/ZAR16.65 differs from the Directors' long term view of US$1/ZAR13.10 and production at SPM is in line with budget for 2017. All these factors imply a significant discount could be applied to the CPR preferred valuation of US$2.94 billion. Accordingly, whilst the Directors note that any adjustment made to the CPR is subjective, they have valued SPM at US$1.5 billion, approximately a 49% discount to the CPR preferred valuation. The Group's valuation of SPM has been determined taking into account a consensus of recent analyst reports for forecast PGM prices for 2017 and beyond. For the purposes of the disclosures required by IFRS13 Fair Value Measurement ("IFRS13") and using sensitivity analysis included within the CPR, if the forecasted PGM prices were 10% lower than the current consensus for forecast PGM prices, presuming all other indicators and evidence was unchanged, the valuation of SPM included in the balance sheet would decrease from US$98 million to US$74 million. The related fair value decrease of US$24 million would be recognised in profit and loss. The Directors consider this to be a realistic potential movement in PGM prices. Alternatively, if the post-tax real USD WACC used in the CPR was 10% compared to the Directors' estimated post-tax real USD WACC of 9% (i.e. 11% higher), presuming all other indicators and evidence were unchanged, the valuation of SPM included in the balance sheet would decrease from US$98 million to US$88 million. The related fair value decrease of US$10 million would be recognised in profit and loss. The Directors consider this to be a realistic potential movement in the WACC in the current environment. Production is also an important factor in determining the valuations. An adjustment to production levels would also have consequent effects on variable costs, thereby reducing the impact on fair value versus the pricing analysis. The CPR does not provide such sensitivity analysis for changes in production. Other considerations No secondary valuation methodologies have been considered for the Company's investment in SPM as the CPR has a recent effective date, being 31 December 2016. The Group's cash cost of investment for SPM is approximately US$123 million and the Group's initial investment was made in August 2008. Gemfields plc - equity Nature of investment The Group holds an equity interest in Gemfields, the producer of coloured gemstones. Gemfields owns emerald assets in Zambia and Ethiopia, ruby assets in Mozambique and amethyst assets in Zambia. Gemfields was listed on AIM at 30 June 2017. The Group owns a see-through interest of 77.57% in Gemfields at 30 June 2017, valued at US$179 million, see Note (5) Gemfields Takeover. Fair value methodology Market Approach- Listed share price The Group's interest in Gemfields is valued at the 30 June 2017 mid-price of GBP0.3213 per share, translated at the closing rate of US$1/GBP0.7690. Other considerations No secondary valuation methodologies have been considered for the Company's investment in Gemfields as it is a listed equity in an active market. The Group's cost of investment is approximately US$198 million and the Group's initial investment was made in October 2007. Jupiter Mines Limited - equity Nature of investment The Group holds an equity interest in Jupiter. Jupiter is based in Perth, Western Australia and its main asset is a 49.9% interest in the Tshipi manganese joint venture in South Africa. Fair value methodology Combination of Income, Market and Cost Approach applying Directors' estimate Each of Jupiter's material assets has been valued separately to determine an appropriate valuation for 100% of Jupiter. The Directors have estimated that the fair value of Jupiter at 30 June 2017 is US$410 million; the implied valuation of the Group's 18.43% interest is US$76 million. Jupiter's 49.9% interest in Tshipi has been valued based on a competent person's report prepared by an independent third party as at 31 December 2016. The competent person's report includes a DCF analysis for Tshipi Borwa and includes a range of valuations. The preferred valuation of 100% of Tshipi Borwa at 31 December 2016 given by the competent person's report is US$1,436 million; the Group's indirect interest (through Jupiter's 49.9% interest in Tshipi) on this basis would be valued at US$132 million. The Directors have estimated that the fair value of Jupiter's 49.9% interest in Tshipi at 30 June 2017 is US$357 million with the implied valuation of the Group's see through interest being US$66 million. The DCF analysis is based on a large number of predictions and uncertainties including revenues, production levels, costs and exchange rates. Changing any of the assumptions may materially affect the implied valuation, in particular the long-term forecast manganese price. The Directors have considered each of the variables and have applied different assumptions for the long-term manganese price and long-term US$/ZAR exchange rate than those used in the DCF, which has reduced the implied valuation. The Directors have applied a long-term 37% FOB manganese price of US$3.55 per dry metric tonne unit ("dmtu") in the DCF model, which is the average price over the five years to 30 June 2017. This price compares to the average five-year price (at 31 December 2016) of US$3.65 per dmtu used to value Tshipi at 31 December 2016. The Directors believe that long-term past performance is a sensible indicator to what might happen to the manganese price going forwards, particularly given the volatility of the manganese market over the past 18 months. The Directors further note that the long-term US$/ZAR exchange rate used in the DCF model of US$1/ZAR14.82 differs from the Directors' long-term view of US$1/ZAR13.10, which is the same long-term rate used in the Directors valuation of Tshipi at 31 December 2016. For the purposes of the disclosures required by IFRS13, if the forecast manganese price of US$3.55 per dmtu used in the valuation declined by 10% and presuming all other indicators and evidence were unchanged, the valuation of Jupiter included in the balance sheet would decrease from US$76 million to US$57 million. The fair value decrease of US$19 million would be recognised in profit and loss. The Directors consider this to be a realistic potential movement in the manganese price. If the forecast exchange rate of US$1/ZAR13.10 used in the valuation declined by 10% (i.e. the Rand strengthening against the US$) and presuming all other indicators and evidence were unchanged, the valuation of Jupiter included in the balance sheet would decrease from US$76 million to US$56 million. The fair value decrease of US$20 million would be recognised in profit and loss. The Directors consider this to be a realistic potential movement in the foreign exchange rate in the current environment. Production is also an important factor in determining the valuations. An adjustment to production levels would also have consequent effects on variable costs, thereby reducing the impact on fair value versus the pricing analysis. The competent person's report does not provide such sensitivity analysis for changes in production. Jupiter's other assets have been valued using a range of different valuation methodologies. Jupiter has made certain shareholder loans to Tshipi which have been valued at amortised cost, which the Directors consider approximates to fair value. Jupiter's interests in Mount Mason and Mount Ida have been written down to zero due to the uncertainty over the future prospects for each asset, however the Directors note that the iron ore price has shown some signs of recovery which could lead to a revaluation of the assets in future reporting periods. Jupiter's cash has been included at cost which approximates to fair value. Jupiter has no material liabilities. Other considerations The Directors have compared the price set for the Jupiter buy-back of US$0.40 per share against the sum-of-the-parts valuation of US$0.19 per share. The Directors note that at the time Jupiter first announced the US$55 million distribution to shareholders, 21 November 2016, the manganese price was trading at US$7.29 per dmtu and that the buy-back price per share was underpinned by long-term manganese price assumptions of between US$4-5 per dmtu, which are higher than the US$3.55 per dmtu price used by the Directors in the valuation of Jupiter. As the share buy-back comprised an off-market transaction that was offered to all of Jupiter's shareholders, with a high acceptance rate of 98%, it is not considered by the Directors to be a third party or external market transaction. Accordingly, the Directors believe that the US$0.40 per share is not a better estimate of the fair value of Jupiter as at 30 June 2017 than the primary fair value methodology used in these Financial Statements. Further details of the Jupiter buy-back are disclosed in Note 4 Realised gain on Jupiter Buy-Back. The Group owned an effective 18.43% interest in Jupiter at 30 June 2017. The Group's cash cost of investment is approximately US$19 million and the Group's initial investment into Jupiter was made in May 2008. Gemfields plc - US$5 million loan Nature of investment On 13 December 2016, the Group agreed to provide a loan of US$5 million to Gemfields, in line with the Group's strategy of providing financial support to its investments. The loan was repaid with accrued interest on 30 June 2017. Valuation methodology Amortised cost - effective interest method The value of the loan to Gemfields was calculated using the effective interest method, with the arrangement fee accruing evenly over the projected life of the loan. The loan was repayable with accrued interest on 30 June 2017. The outstanding balance on the date of repayment, 30 June 2017, including interest and arrangement fee, was US$5.17 million. The effective interest rate of the loan throughout the duration of the loan was approximately 9.04%. Gemfields plc - US$10 million loan Nature of investment On 18 December 2015, the Group agreed to provide a loan of up to US$10 million to Gemfields, in line with the Group's strategy of providing support to its investments. The loan was repaid, with accrued interest, on 9 December 2016. Valuation methodology Amortised cost- effective interest method The value of the loan to Gemfields was calculated using the effective interest method, with the arrangement fee accruing evenly over the projected life of the loan. The loan was repayable in instalments; US$1 million was repaid on 31 March 2016, US$2.5 million on 30 June 2016, US$2.5 million on 30 September 2016 and US$4 million with accrued interest on 9 December 2016. The outstanding balance on the date of repayment, 9 December 2016, including interest and arrangement fee, was US$4.4 million. The effective interest rate of the loan throughout the duration of the loan was approximately 6.53%. FAIR VALUE HIERARCHY The Group owns certain financial instruments that are measured at fair value subsequent to initial recognition. The equity investments held within the Investment Portfolio fall into this category. The Group also owns certain other equity investments which do not form part of the Investment Portfolio, held within Other investments on the balance sheet. IFRS13 requires disclosure of fair value measurements under the following hierarchy: Level Fair value input description Level 1 Listed prices (unadjusted) in active markets for identical assets or liabilities Level 2 Inputs other than listed prices included within level one that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) The Group's valuation of Jupiter is based on a number of different valuation methodologies, with each of Jupiter's material assets valued separately. However, the investment in Jupiter as a whole has been categorised as Level 3 as the most significant inputs to the Jupiter valuation as a whole are Level 3 inputs. A breakdown of the Group's financial assets at Fair Value through Profit or Loss ("FVTPL"), categorised as Level 1, Level 2 and Level 3 assets is included below: Level 1 Level 2 Level 3 Total US$'000s US$'000s US$'000s US$'000s 30 June 2017 (reviewed) (reviewed) (reviewed) (reviewed) Financial assets at FVTPL Equity investments 179,390 - 173,675 353,065 Investments in associates - - 1,267 1,267 Other investments 14 - - 14 179,404 - 174,942 354,346 Level 1 Level 2 Level 3 Total US$'000s US$'000s US$'000s US$'000s 30 June 2016 (reviewed) (reviewed) (reviewed) (reviewed) Financial assets at FVTPL Equity investments 124,426 - 154,100 278,526 Investments in associates - - 1,255 1,255 Other investments 21 - - 21 124,447 - 155,355 279,802 Level 1 Level 2 Level 3 Total US$'000s US$'000s US$'000s US$'000s 31 December 2016 (audited) (audited) (audited) (audited) Financial assets at FVTPL Equity investments 164,615 - 193,869 358,484 Investments in associates - - 1,265 1,265 Other investments 12 - - 12 164,627 - 195,134 359,761 Level 3 fair value reconciliation A reconciliation of the Group's investments during the period/year is provided below: 30 June 2017 30 June 2016 31 December 2016 US$'000 US$'000 US$'000 (reviewed) (reviewed) (audited) Opening 195,134 151,307 151,307 Fair value gain of associates 2 61 71 Jupiter part disposal (1) (4,768) - - Unrealised fair value gains 918 3,987 43,756 Unrealised fair value losses (16,344) - - Closing 174,942 155,355 195,134 (1) The Company sold back 6% of its shares to Jupiter at a price of US$0.40 per share. The transaction completed on 13 March 2017 with the Company receiving US$10.1 million, see Note (4) Realised gain on Jupiter Buy-Back. The fair value of the shares sold back to Jupiter at the time the transaction completed was US$0.19 per share. 3. SEGMENTAL REPORTING The Chief Operating Decision Maker ("CODM") is Mr Brian Gilbertson, the Chairman, who measures the performance of each operating segment by assessing the fair value of the Group's Investment Portfolio on a regular basis. The Group's segmental reporting is based around three Investment Platforms; PGMs, Steel Making Materials, and Coloured Gemstones, each of which is categorised as an operating segment. Each of SPM, Jupiter and Gemfields is a separate legal entity and each has a discrete board of directors with a clear set of responsibilities. Each investment is assessed on this basis and as such, each of the Group's operating segments may include multiple mines and other assets. The segmental information provided to the CODM for the period ended 30 June 2017 is as follows: Steel Making Coloured PGMs (1) Materials(2) Gemstones(3) Unallocated Total 30 June 2017 US$'000 US$'000 US$'000 US$'000 US$'000 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Income statement Unrealised fair value gains - 918 - - 918 Unrealised fair value losses (16,344) - (63,952) - (80,296) Realised gains - 5,337 - - 5,337 Loan interest income - - 222 - 222 Net segmental (expense)/income (16,344) 6,255 (63,730) - (73,819) Other income - - Net losses on investments and income from operations (73,819) Expenses, net finance income, fair value gain of associates and taxation (7,366) (7,366) Net segmental (loss)/profit (16,344) 6,255 (63,730) (7,366) (81,185) Balance sheet Net Asset Value 98,064 75,611 179,390 9,999 363,064 (1) The unrealised fair value loss on SPM of US$16.344 million does not include any foreign exchange as the valuation is denominated in US$. (2) The unrealised fair value gain on Jupiter of US$0.918 million does not include any foreign exchange as the valuation is denominated in US$. The realised gain on Jupiter of US$5.337 million does not include any foreign exchange as the valuation is denominated in US$. (3) The unrealised fair value loss on Gemfields of US$63.952 million includes an unrealised foreign exchange loss of US$10.297 million. The segmental information provided to the CODM for the period ended 30 June 2016 was as follows: The segmental information provided to the CODM for the period ended 30 June 2016 was as follows: Steel Making Coloured PGMs Materials(1) Gemstones(2) Unallocated Total 30 June 2016 US$'000 US$'000 US$'000 US$'000 US$'000 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Income statement Unrealised fair value gains - 3,987 - - 3,987 Unrealised fair value losses - - (34,177) - (34,177) Loan interest income - - 358 - 358 Net segmental income/(expense) - 3,987 (33,819) - (29,832) Other income - - Net losses on investments and income from operations (29,832) Expenses, net finance income, fair value gain of associates and taxation (3,113) (3,113) Net segmental profit/(loss) - 3,987 (33,819) (3,113) (32,945) Balance sheet Net Asset Value 114,408 39,692 131,088 4,192 289,380 (1) The unrealised fair value gain on the Steel Making Materials segment of US$3.987 million does not include any foreign exchange as the valuation is denominated in US$. (2) The unrealised fair value loss on the Coloured Gemstones segment of US$34.177 million includes an unrealised foreign exchange loss of US$15.104 million. The segmental information provided to the CODM for the period ended 31 December 2016 was as follows: Steel Making Coloured PGMs Materials(1) Gemstones(2) Unallocated Total US$'000 US$'000 US$'000 US$'000 US$'000 (audited) (audited) (audited) (audited) (audited) 31 December 2016 Income statement Unrealised fair value gains - 43,756 6,012 - 49,768 Unrealised fair value losses - - - - - Loan interest income - - 619 - 619 Net segmental expense - 43,756 6,631 - 50,387 Other income - - Net gain on investments and income from operations 50,387 Expenses, net finance income, fair value gain/(loss) of associates and taxation (5,817) (5,817) Net segmental profit/(loss) - 43,756 6,631 (5,817) 44,570 Balance sheet Net Asset Value 114,408 79,461 169,563 3,463 366,895 (1) The unrealised fair value gain on the Steel Making Materials segment of US$43.756 million does not include any direct foreign exchange gain/loss as the valuation is denominated in US$. (2) The unrealised fair value gain on the Coloured Gemstones segment of US$6.012 million includes an unrealised foreign exchange loss of US$26.336 million. 4. REALISED GAIN ON JUPITER BUY-BACK - MARCH 2017 On 23 January 2017, Jupiter announced the details of an off-market equal access share buy-back to return up to US$55 million to its shareholders. All Jupiter shareholders were made an equal offer to buy-back 6% of their shares in Jupiter, at a set price of US$0.40 per share. The Company, as an 18.45% shareholder in Jupiter (prior to the Jupiter buy-back) had the right to have 6% of its 421,042,093 Jupiter shares bought-back. The Company accepted the buy-back by Jupiter, resulting in the sale of 25,262,526 shares in Jupiter for US$0.40 per share. The buy-back price per share was underpinned by Jupiter's long-term manganese price assumptions of between US$4-5 per dmtu, which are higher than the price used by the Directors in the valuation of Jupiter. The transaction completed on 13 March 2017 with the Company receiving US$10.105 million. At 13 March 2017, the Directors' most recent estimate of the fair value of the Jupiter shares was US$0.19 per share, being the valuation as at 31 December 2016. The realised gain on the Jupiter buy-back was as follows: Realised gain on Jupiter shares bought back Number of shares Price per share in US$ US$ Fair value of Jupiter shares at date of receipt (13 March 2017) 25,262,526 0.19 (4,767,640) Buy-back price of the 6% of Jupiter shares bought back by Jupiter (13 March 2017) 25,262,526 0.40 10,105,010 Realised gain on Jupiter shares 5,337,370 Subsequent to the Jupiter share buy-back and as at 30 June 2017 the Company owns 395,779,567 Jupiter shares or 18.43% of the issued share capital of Jupiter. 5. GEMFIELDS TAKEOVER On 19 May 2017, the Company's Board announced the terms of an offer to acquire the entire issued and to be issued share capital of Gemfields, other than the Gemfields shares already held by the Company (the "Offer"). Under the terms of the Offer, each Gemfields shareholder was entitled to receive 1.91 PRL shares for each Gemfields share. On 26 June 2017, the Company's shareholders voted in favour of the resolution approving the Offer and the Offer became wholly unconditional. During the period 26 - 30 June 2017, the Company acquired 170,444,135 additional Gemfields shares (in return for 1.91 PRL shares for each Gemfields share) for total consideration US$78,727,379 (between ZAR2.89 - ZAR3.12 per PRL share). The acquisition cost of these additional Gemfields shares is based on the PRL share price (on the day of each tranche of acceptances) converted at the 1.91 Offer ratio and the daily US$/ZAR exchange rate. The Company had the legal right to the 170,444,135 Gemfields shares at the reporting date although these shares had not been transferred to PRL until after the end of the period. The Offer closed on 1 August 2017 when the Company had received valid acceptances from Gemfields shareholders (including the Company's own interest) representing 96.98% of the Gemfields shares in issue). As the level of acceptances from the Gemfields shares has surpassed 90% of the Gemfields shares to which the Offer related, the Company commenced the compulsory acquisition process of the remaining Gemfields shares under Sections 979-982 of the Companies Act 2006. Impact of the Gemfields Acquisition on equity The below table illustrates the impact of the Gemfields Acquisition during the period on share capital and share premium: Share Capital Share Premium US$'000s US$'000s Balance at 1 January 2017 8 375,227 Gemfields Offer- Gemfields shares acquired 3 78,724 Gemfields Offer- transaction costs - (1,373) Gemfields Offer- own shares acquired 1 23,318 At 30 June 2017 12 475,896 Further details on the impact on equity are detailed in Note 9 Share Capital. Gemfields Acquisition costs The costs associated with the Gemfields Acquisition during the period can be broken down as follows: Costs US$'000s Financial Advisor and transaction sponsor 3,000 Independent Reporting Accountants 300 Legal Advisor to PRL as to South African Law 242 Legal Advisor to PRL as to English Law 1,615 Legal Advisor to PRL as to Guernsey Law 242 Legal Advisor to PRL as to Zambian Law 14 Legal Advisor to PRL as to Mozambique Law 3 Administration 71 Documentation and Listing fees 42 UK Regulatory 115 Printing and postage 116 5,760 The Directors have allocated US$4.4 million (approximately 75%) of the Gemfields Acquisition costs to profit and loss and US$1.4 million to equity (approximately 25%) due to these costs being associated with the issuance of new shares. 6. INVESTMENT MANAGER'S BENEFITS Pallinghurst (Cayman) GP L.P. (the "Investment Manager") was appointed on 4 September 2007. The Investment Manager acted through its general partner, Pallinghurst GP Ltd. The Investment Manager provides advisory and management services to the Group and to certain other Pallinghurst Co-Investors. The Investment Manager was entitled to an Investment Manager's Benefit ("IMB") each accounting period. The basis for calculation of the IMB changed subsequent to 14 September 2012, the end of the Investment Period(1). Prior to the end of the Investment Period, the IMB was calculated as 1.5% per annum of the amount subscribed for by shareholders in the Company. From the end of the Investment Period until 14 September 2017, the basis for calculation was 1.5% per annum of the lower of either the aggregate acquisition cost, or the fair value, of the Group's unrealised investments (based on the Group's most recent published financial statements). The total charge in profit or loss for the IMB during the six months ending 30 June 2017 was US$2,442,000 (six months to 30 June 2016: US$2,715,000; year ending 31 December 2016: US$4,988,000). The IMB paid in advance, as per the terms of the Investment Management Agreement, for the third quarter of 2017 is US$1,130,000. The IMB prepaid for the third quarter of 2016 was US$1,199,000 and the IMB prepaid for the first quarter 2017 was US$1,074,161. The IMB prepaid for the third quarter of 2017 is for the period 1 July 2017 - 14 September 2017. At the Company's General Meeting on 26 June 2017, shareholders voted in favour of extending the life of the Company by a further 50 years, and the termination of the Investment Management Agreement effective 14 September 2017 for no consideration. From 15 September 2017, the Company is responsible for its own investment management activity. The Company has entered into employment contracts with the Executive Directors to undertake this function, namely, Mr Brian Gilbertson as Executive Chairman, Mr Frandsen as Chief Executive, Mr Willis as Finance Director, Mr Sean Gilbertson as Chief Investment Officer and Mr Thapliyal as Chief Operating Officer. Mr Sean Gilbertson and Mr Thapliyal were appointed Directors of the Company, effective 17 July 2017. Performance Incentive Subject to certain conditions, the Investment Manager was entitled to a Performance Incentive related to the performance of the Group's investments. The excess of the total funds returned, and/or available for return, to shareholders, over the total amount subscribed in each separate capital raising to date, is split between the shareholders (80%) and the Investment Manager(2) (20%). This was subject to a Hurdle(3) of 8% per annum; until the Hurdle was reached, the Investment Manager is not entitled to any Performance Incentive. The Investment Manager would only receive the Performance Incentive if aggregate returns to shareholders over the life of the Company are in excess of 8% per year. The Directors assess whether a provision for the Performance Incentive should be made at the end of each reporting period. The Directors also assess whether the provision should be accounted for as a current or non-current liability, based on their best assessment of the likely timing of any outflow. The provision for the Performance Incentive was calculated as follows: (a) The Group's Aggregate Proceeds(4) are allocated entirely to shareholders until such time as shareholders have received an aggregate amount of the Company's Funds(5) plus the Hurdle. (b) Thereafter, the Investment Manager is allocated all further Aggregate Proceeds until it has been allocated an amount equal to 25% of the Hurdle. (c) Aggregate Proceeds are then allocated 80% to Investors and 20% to the Investment Manager. (1) The Investment Period commenced on 14 September 2007 and ended on 14 September 2012. (2) Any Performance Incentive payment may be made to the Investment Manager or an affiliate, at the election of the Investment Manager. (3) The Hurdle is calculated as 8% of the Company's Funds, compounded annually and calculated daily. (4) Aggregate Proceeds are equal to the Group's NAV after adding back any provision for the Performance Incentive. For this calculation, it is assumed that all investments will be disposed of at their current fair value, with no associated transaction costs, and that all proceeds will be distributed immediately. The Group's NAV, after adding back any provision for the Performance Incentive, is therefore the best estimate of the total amount available for distribution. (5) The Company's Funds is equal to the amounts subscribed for by shareholders in the Company, prior to certain related costs and foreign exchange. The Directors have not provided for a Performance Incentive in the current or prior periods. At the Company's General Meeting on 26 June 2017, shareholders voted in favour of termination of the Investment Management Agreement. Accordingly, effective 14 September 2017, the Performance Incentive was also terminated for no consideration. 7. CASH FLOWS FROM OPERATIONS 1 January 2017 1 January 2016 1 January 2016 to 30 June 2017 to 30 June 2016 to 31 December 2016 US$'000s (reviewed) US$'000s (reviewed) US$'000s (audited) Notes Net (loss)/profit after tax (81,185) (32,945) 44,570 Adjustments for: Unrealised fair value gains (2) (918) (3,987) (49,768) Unrealised fair value losses (2) 80,296 34,177 - Realised gain on Jupiter share buy-back (4) (5,337) - - Loan interest income and structuring fee(2) (222) (358) (619) Unrealised fair value (gain)/loss on other investments (2) 27 36 Fair value gain of associates (2) (61) (71) Tax expense 3 2 3 Finance income (19) - (1) Finance costs 5 2 3 Foreign exchange gain on cash (2) (11) (9) Operating cash flows before movements in working capital (7,383) (3,154) (5,856) (Increase)/decrease in trade and other receivables (78) 286 487 Increase/(decrease) in trade and other payables 4,035 (559) (502) Cash used in operations (3,426) (3,427) (5,871) Finance income 19 - 1 Finance costs (5) (1) (3) Tax paid - (3) (3) Net cash used in operating activities (3,412) (3,431) (5,876) 8. RELATED PARTY TRANSACTIONS The Group's subsidiaries, joint ventures and associates are related parties. Investments within the Group's Investment Portfolio are also usually related parties. The Investment Portfolio consists of investments held at fair value and loans to portfolio companies. Certain individuals act as both Directors of the Company and as directors of the Group's investments. Mr Brian Gilbertson is the chairman of SPM, Jupiter and Gemfields, and Mr Frandsen is executive deputy chairman of SPM and deputy chairman of Gemfields. Mr Brian Gilbertson and Mr Frandsen were appointed to the Gemfields board effective 28 July 2017. The Investment Manager acted through its general partner, Pallinghurst GP Ltd. The directors of Pallinghurst GP Ltd are Mr Brian Gilbertson, Mr Frandsen, Mr Willis, Mr Harris and Mr Tolcher. The Investment Manager is a related party due to the common directorships between the Group and Pallinghurst GP Ltd. Certain expenses are incurred by Pallinghurst GP Ltd on behalf of the Group and are then reimbursed to Pallinghurst GP Ltd at cost. The Company's reimbursement of the expenses settled by Pallinghurst GP Ltd during the six months ending 30 June 2017 was US$16,493 (six months to 30 June 2016: US$8,994; year ending 31 December 2016: US$40,598). The Group's outstanding balance with Pallinghurst GP Ltd at 30 June 2017 was US$17,033 (30 June 2016: US$1,762; 31 December 2016: US$Nil). Pallinghurst GP Ltd received investment advice from the Investment Advisor, Pallinghurst Advisors LLP ("PALLP"), a limited liability partnership incorporated in the United Kingdom and regulated by the Financial Conduct Authority. PALLP is a related party to the Group as Mr Brian Gilbertson is both a Member of PALLP and Chairman of the Company. Mr Sean Gilbertson who was appointed to the board effective 17 July 2017 is also a Member of PALLP. Certain expenses were incurred by PALLP on behalf of the Group and are then reimbursed to PALLP at cost. The Company's reimbursement of the expenses settled by PALLP during the six months ending 30 June 2017 was US$68,622 (six months to 30 June 2016: US$17,294; year ending 31 December 2016: US$49,667). The Group's outstanding balance with PALLP at 30 June 2017 was US$62,903 (30 June 2016: US$16,385; 31 December 2016: US$Nil). Vistra Guernsey acts as the Group's administrator, company secretary and registrar. Mr Platt-Ransom ceased to be a Director of Vistra Guernsey and entities within the Vista Guernsey group during 2016. The Group's relationship with Vistra Guernsey is at arm's length. The Group's expense for services rendered by Vistra Guernsey during the six months ending 30 June 2017 was US$78,000 (six months to 30 June 2016: US$78,000; year ending 31 December 2016: US$164,000). The Group's outstanding balance with Vistra at 30 June 2017 was US$39,000 (30 June 2016: US$Nil; 31 December 2016: US$Nil). Related party transactions include entering into equity investments, exiting from equity investments and loan transactions. Related party transactions related to the Group's investments are detailed in Note 2 Investment Portfolio. Certain amounts are payable by the Group to the Investment Manager as disclosed in Note 6 Investment Manager's benefits. The amounts paid to the Non-Executive Directors for services during the six months to 30 June 2017 are set out below: Directorship Directorship Lead of the of other Group Audit Independent Company companies Committee Director Total US$000 US$000 US$000 US$000 US$000 1 January 2017 to 30 June 2017 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Stuart Platt-Ransom 18 - 1 1 20 Clive Harris 18 1 1 - 20 Martin Tolcher 18 - 2 - 20 Dr Christo Wiese 18 - - - 18 Lumkile Mondi 18 - - - 18 Total 90 1 4 1 96 At the Company's General Meeting, held on 26 June 2017, shareholders resolved that the maximum amount payable as Directors' fees be increased to US$100,000 per Director per annum, with effect from 14 September 2017, the fee payable for each Non-Executive Director increased from US$35,000 per annum to US$40,000 per annum. The amounts paid to the Non-Executive Directors for services during the six months to 30 June 2016 are set out below: Directorship Directorship Lead of the of other Group Audit Independent Company companies Committee Director Total US$000 US$000 US$000 US$000 US$000 1 January 2016 to 30 June 2016 (reviewed) (reviewed) (reviewed) (reviewed) (reviewed) Stuart Platt-Ransom 18 - 1 1 20 Clive Harris 18 1 1 - 20 Martin Tolcher 18 - 2 - 20 Dr Christo Wiese 18 - - - 18 Lumkile Mondi 18 - - - 18 Total 90 1 4 1 96 The amounts paid to the Non-Executive Directors for services during 2016 are set out below: Directorship Directorship Lead of the of other Group Audit Independent Company companies Committee Director Total US$000 US$000 US$000 US$000 US$000 1 January to 31 December 2016 (audited) (audited) (audited) (audited) (audited) Stuart Platt-Ransom 35 - 3 2 40 Clive Harris 35 2 3 - 40 Martin Tolcher 35 - 5 - 40 Dr Christo Wiese 35 - - - 35 Lumkile Mondi 35 - - - 35 Total 175 2 11 2 190 9. SHARE CAPITAL Shares issued are recognised at the fair value of consideration received, with the excess over the nominal value of the shares credited to share premium. Costs directly attributable to a share issue are deducted from share premium rather than included in profit or loss. The Company has issued Ordinary Shares and Management Shares. Ordinary Shares entitle the holder to a vote in shareholder meetings and to receive dividends. In the event of the Company's wind-up, Management Shares carry the right to receive notice of, attend and vote at any general meeting of the Company, provided that no Ordinary Shares are in issue at such date. Holders of the Management Shares will only receive their nominal value once the holders of the Ordinary Shares have received the fair value of their shares. Accordingly, the holders of Management Shares do not have the right to receive nor participate in any distributions of the Company, including dividends. The Company is permitted to issue an unlimited number of shares. Issued and allotted share capital: Number of shares Share Capital Share Premium US$ US$ Management Shares (unlisted) Management Shares of US$1 each Balance at 30 June 2016, 31 December 2016 and 30 June 2017 2 2 - Reserve for Number of shares Share Capital Share Premium own shares US$ 000 US$ 000 US$ 000 Ordinary Shares (listed) Ordinary Shares of US$0.00001 each Balance at 30 June 2016 and 31 December 2016 760,452,631 8 375,227 - Allotted during Gemfields Offer period- June 2017 421,824,444 4 100,669 - Effect of own shares held - - (23,319) 1,182,277,075(1) 12 475,896 (23,319) Total Share Capital 30 June 2017 12 475,896 (23,319) (1) The total of shares allotted includes 96,276,146 PRL shares allotted to an associate included within the Group that are omitted from the calculation of Per Share Information included within Note 10. Total number of shares in issue as at 30 June 2017 excluding these shares is 1,086,000,929. On 19 May 2017, the Company's Board announced the terms of an offer to acquire the entire issued and to be issued share capital of Gemfields, other than the Gemfields shares already held by the Company (the "Offer"). Under the terms of the Offer, each Gemfields shareholder was entitled to receive 1.91 PRL shares for each Gemfields share. The Offer went wholly unconditional on 26 June 2017 as the number of acceptances of the Offer from Gemfields' shareholders surpassed 60% as well as the Company receiving the requisite approval from the Company's shareholders at the General Meeting on 26 June 2017 to approve the transaction. By 30 June 2017, the Company had unconditional agreements to acquire 170,444,135 additional Gemfields shares (in return for 1.91 PRL shares for each Gemfields share) for total consideration of US$79 million (between ZAR2.89 - ZAR3.12 per PRL share). The acquisition cost of these additional Gemfields shares is based on the PRL share price (on the day of each tranche of acceptances) converted at the 1.91 Offer ratio and the daily US$/ZAR exchange rate. The Company has accounted for an additional 325,548,298 PRL shares (170,444,135 Gemfields shares multiplied by the 1.91 Offer ratio) being issued during the period 26 - 30 June 2017, due to the Offer being wholly unconditional. 10. PER SHARE INFORMATION NAV per share and (Loss)/Earnings Per Share ("LPS" or "EPS") are key performance measures for the Group. NAV per share is based on net assets divided by the number of ordinary shares in issue at 30 June 2017. (LPS)/EPS is based on (loss)/profit for the year divided by the weighted average number of ordinary shares in issue during the period. There are no dilutive indicators or dilutive ordinary shares in issue. Headline (Loss)/Earnings Per Share ("HLPS" or "HEPS") is similar to (LPS)/EPS, except that attributable profit specifically excludes certain items, as set out in Circular 2/2015 "Headline earnings" ("Circular 2/2015") issued by SAICA. None of these exclusions are relevant to the Group and (LPS)/EPS is equal to (HLPS)/HEPS in the current and prior periods. The Group's EPS is as follows: 30 June 2017 30 June 2016 31 December 2016 (reviewed) (reviewed) (audited) (Loss)/profit for the year - US$000 (81,185) (32,945) 44,570 Weighted average number of shares in issue (1) 768,936,425 760,452,631 760,452,631 (Loss)/earnings Per Share - US$ (0.11) (0.04) 0.06 (1) The weighted average number of shares for the period ending 30 June 2017 is as follows: Weighted average Period Number of shares Effect of own Number of Number of number of shares allotted shares held shares days for the period Shares in issue 1 January 2017 - 25 June 2017 - - 760,452,631 176 739,445,652 Shares allotted 26 June 2017 393,179,614 (96,276,146) 1,057,356,099 1 5,841,746 Shares allotted 27 June 2017 151,526 - 1,057,507,625 1 5,842,584 Shares allotted 28 June 2017 195,393 - 1,057,703,018 1 5,843,663 Shares allotted 29 June 2017 21,559,169 - 1,079,262,187 1 5,962,775 Shares allotted 30 June 2017 6,738,742 - 1,086,000,929 1 6,000,005 181 768,936,425 There are no reconciling items between EPS and HEPS as they are equal to each other. There are no dilutive shares and HEPS is equal to dilutive HEPS. NAV per share The Group's NAV per share is as follows: 30 June 2017 30 June 2016 31 December 2016 (reviewed) (reviewed) (audited) Net assets - US$'000 363,064 289,380 366,895 Number of shares in issue 1,086,000,929 760,452,631 760,452,631 NAV per share- US$ 0.33 0.38 0.48 Tangible NAV is similar to NAV but excludes intangible assets such as goodwill or IT software. The Group does not hold any intangible assets and NAV is equal to Tangible NAV. 11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Capital management The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern while taking advantage of strategic opportunities to provide sustainable returns to shareholders. The Group's capital structure has not changed since the year-end. 12. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Group has acted as a limited guarantor for the lease of Fabergé's New York retail outlet at 694 Madison Avenue since 31 August 2011. One of the conditions of the Gemfields/Fabergé Merger, which completed on 28 January 2013, was that Gemfields either take over as guarantor from the Company, or that Gemfields indemnify the Group against any potential liability to the landlord. Gemfields have provided an indemnity to the Group against any loss from this guarantee. Fabergé's New York retail outlet at 694 Madison closed during March 2017 and the Directors' assessment of the contingent liability at 30 June 2017 is US$Nil. The Directors' assessment of the contingent liability at both 31 December 2016 and 30 June 2016 was US$0.219 million. The Group had no other significant contingent liabilities or contingent assets at 30 June 2017, 30 June 2016 or 31 December 2016. 13. COMMITMENTS The Group had no material commitments at the date of signature of these Financial Statements. 14. EVENTS OCCURRING AFTER THE END OF THE PERIOD GEMFIELDS TAKEOVER Gemfields is a leading supplier of coloured gemstones and owns emerald assets in Zambia and Ethiopia, ruby assets in Mozambique and amethyst assets in Zambia. In 2008, the Company and the Pallinghurst Co-Investors became the majority shareholders of Gemfields by contributing the Kagem emerald mine to Gemfields, its core operating asset, for shares. Subsequently, in 2013, the Company and the Pallinghurst Co-Investors contributed Fabergé Ltd to Gemfields. The Gemfields investment formed a core component of the Company's value proposition and therefore unlocking Gemfields' full value potential is of paramount importance to the Company. Despite many positive developments, the share price of Gemfields did not reflect its inherent value. Accordingly, on 19 May 2017, the Company announced the terms of an offer to acquire the entire issued and to be issued share capital of Gemfields, other than the Gemfields shares already held by the Company (the "Offer"). See Note 5 Gemfields Takeover. The Directors believe that the acquisition will enable Gemfields to perform to its full potential, materially improve trading liquidity and promote a re-rating of the enlarged Group. On 1 August 2017, the Company's total shareholding had reached 96.98% of the entire issued share capital of Gemfields. As the level of Gemfields share acceptances surpassed 90% of the shares to which the Offer related, the Company commenced the compulsory acquisition process of the remaining Gemfields shares under Sections 979-982 of the Companies Act 2006. The Company gained full control of Gemfields on 28 July 2017, being the day Gemfields delisted from AIM. Given that the Company only gained board control of Gemfields on 28 July 2017, it has not been possible to determine the fair values of the assets and liabilities acquired by the date of these interim financial statements. The Company is therefore unable to disclose all the information required by paragraph B64 (e)-(q) of IFRS3 Business Combinations. As Gemfields was loss-making for the twelve months to 30 June 2017, the acquisition may have an initial negative impact on the Group's HEPS and EPS. EXTENSION OF THE COMPANY The Company is currently structured as an investment entity, listed on the main market of the JSE. Given the diverse nature of its investments it prepares its financial statements in terms of investment entity accounting which allows it to reflect the underlying investments at valuation but only reflect the actual cash flow, typically dividends through the income statement. There are no other similar mining investment entities currently listed on the JSE. The Company's initial life-span was due to end on 14 September 2017. At the Company's General Meeting on 26 June 2017, the shareholders approved the resolution to amend the Company's Articles to extend the life of the Company as a closed-end investment company by 50 years. The Company became an operating mining company upon taking board control of Gemfields and will apply for its listing to be moved to the "Diversified Mining" sector of the JSE main board. The Board reminds Shareholders that notwithstanding the proposed continued closed-ended status of the Company, Shareholders are still able to realise the value of their investments through the trading platforms of either the JSE or the BSX (as appropriate) where the Company's equity securities are admitted to trading. BOARD COMPOSITION At the Company's initial public offering in 2007, the Company's executives committed to managing the Company for at least ten years. As part of the Gemfields Offer, and the extension of the Company for a further 50 years, the Company's executives have committed to manage the Company for another five years, until September 2022. Mr Brian Gilbertson as Executive Chairman, Mr Frandsen as Chief Executive and Mr Willis as Finance Director have each provided a renewed five-year commitment to the Company. In addition, Mr Sean Gilbertson has been appointed as the Chief Investment Officer and Mr Thapliyal as the Chief Operating Officer and have provided the same commitment. Mr Sean Gilbertson and Mr Thapliyal were both Partners of the Investment Manager prior to being appointed to the Board effective 17 July 2017. The Company's executive management will lead operations in London, South Africa, Zambia and Mozambique, with dedicated teams in the field. After ten years of service, Mr Harris and Mr Platt-Ransom have resigned as independent non-executive Directors and from all Board committees with effect from 11 July 2017. Furthermore, Mr Erich Clarke and Mr Kwape Mmela were appointed as independent non-executive Directors effective 31 July 2017. Mr Mondi has been appointed as a member of each of the Audit Committee, Nomination Committee (Chair) and Remuneration Committee and as the Company's Lead Independent Non-Executive Director ("LID"). The LID's main responsibilities are to chair any meeting in which the Chairman has a conflict of interest, and to give stakeholders an additional point of contact. Mr Mmela has been appointed to both the Remuneration Committee (Chair) and Nomination Committee and Mr Clarke has been appointed to the Audit Committee. JUPITER BUY-BACK - SEPTEMBER 2017 On 11 September 2017, Jupiter announced the details of an off-market equal access share buy-back to return up to US$25 million to its shareholders. All Jupiter shareholders were made an equal offer to buy-back 4% of their shares in Jupiter, at a set price of US$0.29 per share. The Company, as an 18.43% shareholder in Jupiter has the right to have 4% of its 395,779,567 Jupiter shares bought-back. The Company intends to accept the buy-back by Jupiter, which will result in the sale of 15,831,182 shares in Jupiter for US$0.29 per share. The Directors' estimate of the fair value of the Jupiter shares at 30 June 2017 is US$0.19 per share. The transaction is expected to complete in late October or early November with the Company receiving US$4.6 million. This transaction will be accounted for in the Company's financial statements for the year ending 31 December 2017. APPROVAL OF INTERIM FINANCIAL STATEMENTS The Interim Financial Statements were approved by the Directors and authorised for issue on 14 September 2017. REVIEW BY SAFFERY CHAMPNESS The Interim Report has been reviewed by the Group's auditor, Saffery Champness, who have provided a report to the Company (the "Independent Review Report"). The Independent Review Report confirms that nothing has come to the auditor's attention that might cause them to believe that the Interim Report was not prepared, in all material respects, in accordance with IAS34, the SAICA Reporting Guides and the FRSC Pronouncements. The Independent Review Report does not necessarily report on all of the information contained in this Interim Report. Any reference to future financial information included in the Interim Report has not been reviewed or reported on by the auditors. Shareholders are advised that in order to obtain a full understanding of the nature of the auditors' engagement they should obtain a copy of the Independent Review Report together with the accompanying financial information. The Independent Review Report is available from the Company's registered office. Directors Brian Gilbertson Arne H. Frandsen Andrew Willis Dr Christo Wiese Stuart Platt-Ransom (1) Martin Tolcher Clive Harris (1) Lumkile Mondi Sean Gilbertson (2) Priyank Thapliyal (2) Kwape Mmela (3) Erich Clarke (3) (1) Resigned 11 July 2017 (2) Appointed 17 July 2017 (3) Appointed 31 July 2017 General Partner of the Investment Manager Administrator and Company Secretary Pallinghurst GP Ltd Vistra Fund Services (Guernsey) Limited 2nd floor 11 New Street 23-25 Le Pollet St Peter Port St Peter Port Guernsey Guernsey, GY1 1WQ GY1 2PF Channel Islands Channel Islands Investment Advisor (London) Registered Office Pallinghurst Advisors LLP 11 New Street 1 New Burlington Place St Peter Port London Guernsey W1S 2HR GY1 2PF United Kingdom Channel Islands Legal Advisor (Guernsey) Investment Advisor (South Africa) Mourant Ozannes Pallinghurst Advisors (Pty) Limited 1 Le Marchant Street PO Box 12160 St Peter Port Die Boord Guernsey Western Cape, 7613 GY1 4HP South Africa Channel Islands Legal Advisor (Bermuda) Legal Advisor (South Africa) Appleby Global ENSafrica Canon's Court 150 West Street 22 Victoria Street Sandton, 2196 PO Box HM1179 South Africa Hamilton HM EX Bermuda JSE Sponsor BSX Sponsor Investec Bank Limited Clarien Investments Limited 100 Grayston Drive 25 Reid Street, 4th Floor Sandton, 2196 Hamilton HM11 South Africa Bermuda Registrar and Bermudan Transfer Secretary Auditor Computershare Investor Services (Guernsey) Ltd Saffery Champness Chartered Accountants c/o Queensway House PO Box 141 Hilgrove Street St Sampson St Helier Guernsey Jersey JE1 1ES GY1 3HS Channel Islands South African Transfer Secretary Computershare Investor Services (Pty) Limited Ground Floor 70 Marshall Street Johannesburg, 2001 South Africa Date: 26/09/2017 09:10:00 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.

Results of Dividend Re-Investment Alternative Growthpoint Properties Limited Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number 1987/004988/06) Share code: GRT ISIN ZAE000179420 ("Growthpoint") RESULTS OF DIVIDEND RE-INVESTMENT ALTERNATIVE Shareholders are referred to the announcements released on the Stock Exchange News Service ("SENS") on 30 August 2017 and 12 September 2017 relating to the declaration of the final cash dividend for the six-month period ended 30 June 2017 of 100.80 cents ("Cash Dividend") per Growthpoint share and the finalisation of the dividend re-investment alternative ("Share Alternative"), respectively. Shareholders holding 1,118,784,302 Growthpoint shares or 38.73% of Growthpoint's issued shares qualifying to receive the dividend elected the Share Alternative, resulting in the issue of 45,739,890 new ordinary shares of no par value and the retention of R1,107 million (based on the discounted issue price of R24.20 for the new shares) of new equity for Growthpoint. Accordingly, a Cash Dividend of R1,784 million is payable today in respect of 1,769,678,280 Growthpoint shares. Dividend cheques in respect of certificated shareholders who elected to receive the Cash Dividend were posted today and share certificates in respect of certificated shareholders who elected the Share Alternative will be posted on Thursday, 28 September 2017, to such certificated shareholders at their risk. The Central Securities Depository Participants ("CSDP") or broker custody accounts in respect of dematerialised shareholders who elected to receive the Cash Dividend will be credited today and the CSDP or broker custody accounts in respect of dematerialised shareholders who elected the Share Alternative will be credited with their new shares on Thursday, 28 September 2017 in line with the settlement dates as indicated in the aforementioned SENS announcements. 26 September 2017 Sandton Corporate Advisor and Sponsor to Growthpoint Investec Bank Limited Date: 26/09/2017 09:05:00 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.

ASHTOP40 Distribution Announcement - Salient Dates Ashburton Top 40 ETF A portfolio in the Ashburton Collective Investment Scheme ("the portfolio") registered in terms of the Collective Investment Schemes Control Act, 45 of 2002 Share Code: ASHT40 ISIN: ZAE000215364 ("ASHTOP40") DISTRIBUTION ANNOUNCEMENT - SALIENT DATES Notice is hereby given that the following dates are of importance regarding a possible quarterly distribution by Ashburton Top 40 ETF to holders of Ashburton Top 40 ETF Securities for the quarter ended 30 September 2017. Announcement of distribution amount (if any) and payment date will be made by no later than: Tuesday, 10 October 2017 Last day to trade "CUM" distribution: Tuesday, 10 October 2017 Securities trade "EX" distribution: Wednesday, 11 October 2017 Record date: Friday, 13 October 2017 A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual- investor/investment-range/exchange-traded-funds/ashburton-top-40-etf 26 September 2017 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited Date: 26/09/2017 09:00:00 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.

ASHMIDCAP Distribution Announcement - Salient Dates Ashburton MidCap ETF A portfolio in the Ashburton Collective Investment Scheme ("the portfolio") registered in terms of the Collective Investment Schemes Control Act, 45 of 2002 Share Code: ASHMID ISIN: ZAE000215349 ("ASHMIDCAP") DISTRIBUTION ANNOUNCEMENT - SALIENT DATES Notice is hereby given that the following dates are of importance regarding a possible quarterly distribution by Ashburton MidCap ETF to holders of Ashburton MidCap ETF Securities for the quarter ended 30 September 2017. Announcement of distribution amount (if any) and payment date will be made by no later than: Tuesday, 10 October 2017 Last day to trade "CUM" distribution: Tuesday, 10 October 2017 Securities trade "EX" distribution: Wednesday, 11 October 2017 Record date: Friday, 13 October 2017 A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual- investor/investment-range/exchange-traded-funds/ashburton-midcap-etf 26 September 2017 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited Date: 26/09/2017 09:00:00 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.

ASHINFBND Distribution Announcement - Salient Dates Ashburton Inflation ETF A portfolio in the Ashburton Collective Investment Scheme ("the portfolio") registered in terms of the Collective Investment Schemes Control Act, 45 of 2002 Share Code: ASHINF ISIN: ZAE000215331 ("ASHINFBND") DISTRIBUTION ANNOUNCEMENT - SALIENT DATES Notice is hereby given that the following dates are of importance in regard to a possible quarterly distribution by Ashburton Inflation ETF to holders of Ashburton Inflation ETF Securities for the quarter ended 30 September 2017. Announcement of distribution amount (if any) and payment date will be made by no later than: Tuesday, 10 October 2017 Last day to trade "CUM" distribution: Tuesday, 10 October 2017 Securities trade "EX" distribution: Wednesday, 11 October 2017 Record date: Friday, 13 October 2017 A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-investor/investment-range/exchange-traded- funds/ashburton-inflation-etf 26 September 2017 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited Date: 26/09/2017 09:00:00 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.

Investor Presentation ACCELERATE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/015057/06) Share code: APF ISIN: ZAE000185815 ("Accelerate" or the "Company") INVESTOR PRESENTATION Accelerate shareholders are advised that an investor update and Fourways Nodal report, prior to the Company entering into its closed period in relation to its interim results for the six months ending 30 September 2017, are available on the Company's website www.acceleratepf.co.za. Johannesburg 26 September 2017 Sponsor The Standard Bank of South Africa Limited Date: 26/09/2017 09:00:00 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.

Dealings in Securities by a Director Adapt IT Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/017276/06) Share code: ADI ISIN: ZAE000113163 ("Adapt IT") DEALINGS IN SECURITIES BY A DIRECTOR In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of JSE Limited, the following is disclosed: Name of director: Nombali Mbambo Company: Adapt IT Holdings Limited Class of securities: Ordinary shares Nature of transaction: Purchase of shares on market Extent of director's interest: Direct beneficial Clearance to deal obtained: Yes Date of transaction: 20 September 2017 Purchase price: R7.86 Number of securities: 35 000 Total value of securities: R275 100.00 Date of transaction: 21 September 2017 Purchase price: R7.80 R7.81 Number of securities: 18 000 10 000 Total value of securities: R140 400.00 R78 100.00 Johannesburg 26 September 2017 Sponsor Merchantec Capital Date: 26/09/2017 09:00:00 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.

Unreviewed Condensed Consolidated Financial Results INSIMBI REFRACTORY AND ALLOY SUPPLIES LTD (Incorporated in the Republic of South Africa) (Registration No: 2002/029821/06) Share code: ISB ISIN code: ZAE000116828 Insimbi Refractory and Alloy Supplies Limited ("Insimbi" or "the Company" or "the Group") UNREVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2017 AND INTERIM DIVIDEND DECLARATION Insimbi (JSE:ISB) is a group of companies that together provide resource-based supplies to a diversified range of industrial customers. Insimbi offers ferrous and non-ferrous alloys; refractory and foundry materials; plastic blow and rotomoulding production; and alloy recycling processes to national, regional and international markets. The core business expertise is the ability to source and provide local, regional and global industrial consumers with the required commodity over the four distinct segments. The Company herewith announces its unreviewed condensed consolidated financial results for the six months ended 31 August 2017, and declares an interim dividend of 3.00 cents per share. Key Financial Highlights: When compared to the 6 months ended 31 August 2016: - Revenue increased by 247% to R1,7 billion - Gross profit increased by 162% to R179,8 million - EBITDA increased by 273% to R91,3 million - EPS increased by 142% to 11,97 cents per share - HEPS increased by 150% to 11,95 cents per share - Cash generated by operations increased by R93,5 million (401%) to R116,8 million compared to R23,3 million in comparable interim period ended August 2016 - NAV and tangible NAV increased by 33% and 38% to 87,17 cents per share and 84.30 cents per share respectively - Finance costs increased by 150% to R16,4 million - The Group has declared a gross interim dividend of 3 cents per share for the period ended 31 August 2017 - Trading and operational outlook for the remainder of the financial year is positive CEO of Insimbi, Fred Botha, commented: "Start by doing what is necessary; then do what's possible; and suddenly you are doing the impossible" - Saint Francis of Assissi. In what will be my first report as CEO of Insimbi Refractory and Alloy Supplies Limited ("Insimbi") I would like to turn things around a little, by starting with the gratitude element of the report. I would like to express my gratitude first of all to the team at Insimbi who have assisted in making my transition to Chief Executive Officer ("CEO") effortless. The team is expanding given the acquisitions made and the integration thereof has been seamless. We are all striving to achieve the impossible and it is only possible if we work as a team. To our suppliers and customers who play such a critical role in our success - we look forward to nurturing long and mutually beneficial relationships. The board have played their role in creating a strategic environment in order for the executive to achieve the goals set and stretch the boundaries of what is possible. The board and executive team are positioning Insimbi to achieve even higher goals than those already reached and this provides us with the mechanism to deliver on the expectations of our loyal stakeholder base. What started many years ago as a journey of growing a business in the refractory and alloys industry has resulted in an Insimbi that today is a diversified business in terms of industry, client base, presence and revenue. This augurs well for the future and we are well positioned to take advantage of opportunities as and when they arise. It is our intention to achieve at least a level 4 rating, on the B-BBEE Amended Codes of Good Practice at all our operations, by the end of 2018 and we are well positioned to achieve this. The first half of FY18 has been satisfactory and in particular, the second quarter, was outstanding. The conclusion of the Amalgamated Metal Group Holdings ("AMGH") transaction at the end of last year is now contributing positively to all aspects of the business. In the final results for 2017, we were only able to include two months of the AMGH trading in Insimbi's consolidated results. We are happy to confirm that this business has met and exceeded our expectations as at the time of making the acquisition. The integration has been seamless and the synergies are being exploited beyond anticipation. From a commercial perspective, the AMGH transaction was concluded when Copper was at $4400pmt while it is approximately $6600pmt at the time of writing. Aluminium, chrome and iron ore prices have shown a significant upward trend since the last Insimbi report and seem to be recovering on the back of strong global demand. OPERATIONAL OVERVIEW AMGH volumes are up over 10% on the previous year and this, complemented by the increased metal prices, has resulted in an exceptional 6 months. Despite a rather lacklustre first quarter, Insimbi Alloy Supplies ("IAS") has exceeded the comparative period last year after a very strong second quarter. Stock levels are consistently better and a renewed enthusiasm within this operation is clearly evident. The steel industry is showing signs of improvement whilst the ferrous and non-ferrous segments are showing significant growth. The refractory operations are performing well although revenues are down as a result of the loss of volume but margins are trending higher. The synergies between the secondary aluminium smelters at Insimbi Aluminium Alloys ("IAA") and Metlite Alloys ("ML") and AMGH are becoming evident and the management teams are working effectively to benefit the Group. The plastics business has shown an improved performance year on year and we have increased the footprint of this segment by expanding the manufacturing facility to include Kwa-Zulu Natal at present and will soon be established in the Western Cape. The plastics product range has expanded as well and we are slowly penetrating the rain-water harvesting market. FINANCIAL OVERVIEW Group revenue for the period is R1.67 billion, an increase of 247% or R1.19 billion on the comparative period ended 31 August 2016. The increase in revenue is mainly attributable to the successful acquisition of AMGH, as well as an increase of around 11% in the revenue of the traditional pre- acquisition group of companies. As a result of the lower margins in AMGH,overall gross margins have decreased from 14% to 11% but gross profit has increased by 162% from R68.6 million to R179.8 million, an increase of R111.2 million for the 6 months ended August 2017. Group operating profit has increased by 289% to R77.3 million compared to R19.9 million in the comparative period last year. Group operating costs have increased by R56.2 million from R49.6 million to R105.9 million when compared with the period ended August 2016, R51 million as a result of operational costs associated with the acquisition of AMGH for the period under review. Operating costs in the pre AMGH acquisition group have increased by R5.3 million and are mainly attributable to an increase in salaries and wages. All companies within the Group are committed to cutting operating costs where possible. Group finance costs for the period have increased from R6.6 million to R16.4 million, an increase of R9.8 million, due to: - Interest on pre-acquisition funding of R6 million - Interest on the funding of the AMGH acquisition of R10.4 million Insimbi achieved Group EPS of 11.97 and HEPS of 11.95 cents per share respectively compared to 4.94 and 4.78 cents per share in the previous comparative period. This equates to an increase of 142% and 150% in respect of EPS and HEPS respectively. Net cash flow from operating activities increased from R15.3 million to R88.6 million, of which R30 million is attributable to an improvement in the net working capital of the Group. Borrowings were reduced significantly by R95.1 million in the 6 months ended 30 August 2017 and this has resulted in a net cash decrease of R19 million to R8.0 million net overdraft from R11 million cash on hand in the comparative period. Utilisation of the Group's R111.5 million overdraft facilities was only R8.0 million as at 31 August 2017. PROSPECTS Insimbi is well positioned for the future. Diversified products, revenue, client base and geographic location allow us to pursue our goals with the required vigour and energy. The expansion of the Atlantis, Cape Town, site to include the plastics blow-moulding and rotomoulding facilities has been completed and we will commence production in the third quarter. This follows a successful implementation of the strategy earlier in the year at our site in Durban. This will allow us to penetrate these markets cost effectively with a superior product from world class facilities. Expansion of the AMGH metal recycling footprint into KZN and Western Cape is a key focus and inroads are already being made to achieve this. Major inroads have been made regarding our ambition to produce ultra-low carbon alumino-thermic ferrochrome which will increase production volumes of aluminium in existing plants and provide us with a high value beneficiated chrome product for the local and export market. We are under cautionary with another transformative transaction being explored, which we hope to conclude in this financial year. We believe this transaction will be value accretive and bring further diversification and value added opportunities to Insimbi. We are continuously looking at how we are able to achieve the impossible and as such we are focusing on exploiting under-performing assets, maximising synergies and ensuring appropriate cost management across all the business segments. We believe that the Group is well positioned to continue to deliver on the promise reflected in the above results. DIVIDEND DECLARATION An interim gross dividend of 3 cents per share has been declared on 21 September 2017. There are 410 000 000 ordinary shares in issue at announcement date, of which 494 033 are held in treasury and do not participate in dividends, 22 968 015 shares are held by the ESOP's and are participating in terms of the dividend policy. The total dividend amount payable is R12 285 179 (2016: R3 898 612). This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend tax (DT) rate is 20%. The net amount payable to shareholders who are not exempt from DT is 2.4 cents per share, while it is 3 cents per share to those shareholders who are exempt from DT. The income tax reference number of the Company is 9078488153. The salient dates applicable to the interim dividend are as follows: Last day to trade cum dividend Tuesday, 31 October 2017 First day to trade ex dividend Wednesday, 1 November 2017 Record date Friday, 3 November 2017 Payment date Monday, 6 November 2017 No share certificates will be dematerialised or rematerialised between Wednesday 1 November 2017 and Friday, 3 November 2017, both days inclusive. Shares repurchased by a subsidiary since the year end and held in treasury amounted to 356 313 (2016: 92 500), which brings the total number of treasury shares to 23,462,048 (2016: 22 970 515). CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unreviewed Unreviewed Audited as at as at as at R'000 31 August 2017 31 August 2016 28 February 2017 Assets Non-current assets Property, plant and equipment 236 526 118 087 239 095 Goodwill 101 591 44 560 101 591 Intangible assets 11 756 10 613 11 836 Investments in joint ventures 1 190 - 670 Deferred taxation asset 6 892 9 288 7 609 357 955 182 548 360 801 Current assets Inventories 149 187 97 671 152 546 Trade and other receivables 292 594 118 380 275 792 Derivative financial assets - at fair value 1 138 1 766 - Current taxation receivable - - 3 166 Cash and cash resources 25 629 18 412 29 848 468 548 236 229 461 352 Total assets 826 503 418 777 822 153 Equity and liabilities Equity Share capital 190 704 47 230 190 704 Treasury shares (18 580) (16 947) (18 215) Reserves 21 503 21 503 21 503 Share based payment reserve 1 634 597 980 Retained earnings 162 251 106 042 116 579 Non-controlling interest (124) (2 728) (258) 357 388 155 697 311 293 Liabilities Non-current liabilities Loans from shareholders 1 630 3 364 2 491 Other financial liabilities 172 611 45 934 210 811 Deferred taxation 26 082 13 607 26 083 200 323 62 905 239 385 Current liabilities Other financial liabilities - through profit or loss 29 427 59 333 74 214 Other financial liabilities - at fair value - - 2 823 Current taxation payable - 1 288 - Trade and other payables 205 714 132 455 162 111 Bank overdraft 33 649 7 099 32 327 268 791 200 175 271 475 Total liabilities 469 114 263 080 510 860 Total equity and liabilities 826 503 418 777 822 153 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unreviewed Unreviewed Audited as at as at as at R'000 31 August 2017 31 August 2016 28 February 2017 Revenue 1 666 368 480 312 1 342 526 Cost of sales (1 486 617) (411 746) (1 156 693) Gross profit 179 751 68 566 185 833 Other income 3 370 940 1 349 Operating expenses (105 860) (49 645) (132 749) Operating profit 77 261 19 861 54 433 Investment revenue 162 17 266 Income from equity accounted investments 1 282 - 543 Finance cost (16 408) (6 566) (16 355) Profit before taxation 62 297 13 312 38 887 Taxation (15 837) (2 075) (9 440) Profit for the year 46 460 11 237 29 447 Other comprehensive income for the year net of taxation - - - Total comprehensive income for the year 46 460 11 237 29 447 Total comprehensive income attributable to: Owners of the parent 46 326 11 717 29 571 Non-controlling interest 134 (480) (124) 46 460 11 237 29 447 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Share Re- based Non- Share Trea- valua- Distri- pay- control- Share pre- sury tion butable ment ling Total R'000 Capital mium shares reserve reserve reserve interest Equity Balance at 31 August 2016 (unreviewed) - 47 230 (16 947) 21 503 106 042 597 (2 728) 155 697 Total comprehensive income - - - - 16 874 383 356 17 613 Transactions with non-controlling interest - - - - (2 114) - 2 114 - Shares issued - 143 474 - - - - - 143 474 Dividend paid - - - - (4 223) - - (4 223) Net movement in treasury shares - - (1 268) - - - - (1 268) Balance at 28 February 2017 (audited) - 190 704 (18 215) 21 503 116 579 980 (258) 311 293 Total comprehensive income - - - - 45 672 654 134 46,460 Net movement in treasury shares - - (365) - - - - (365) Balance at 31 August 2017 (unreviewed) - 190 704 (18 580) 21 503 162 251 1 634 (124) 357 388 CONSOLIDATED STATEMENT OF CASH FLOWS Unreviewed Unreviewed Audited as at as at as at R'000 31 August 2017 31 August 2016 28 February 2017 Cash flow from operating activities Cash generated from operations 116 758 23 282 88 928 Investment income 162 17 266 Finance costs (16 408) (6 566) (16 355) Taxation paid (11 954) (1 408) (11 244) Net cash flow from operating activities 88 558 15 325 61 595 Cash flow from investing activities Purchase of property, plant and equipment (6 115) (6 063) (10 373) Proceeds on disposal of property, plant and equipment 1 446 537 1 430 Purchase of other intangible assets - - (922) Business combinations - - (230 546) Cash received from joint venture 762 - - Net cash from investing activities (3 907) (5 526) (240 411) Cash flow from financing activities Proceeds from loan funding 5,334 2 059 95 613 Repayment of other financial liabilities (94 305) (4 501) (6 672) Proceeds from share issue - - 96 262 Proceeds from shareholder's loan - - 296 Repayment of shareholder's loan (861) - (1,169) Dividends paid - (5 926) (10 149) Sale/(repurchase) of treasury shares (365) - (4 056) Net cash outflow from financing activities (90 197) (8 368) 170 125 Net movement in cash for the period/year (5 547) 1 431 (8 691) Effect of exchange rate movement on cash 6 (338) 10 220 Cash and cash equivalents at the beginning of the period/year (2 479) 10 220 (4 008) Cash and cash equivalents at the end of the period/year (8 020) 11 313 (2 479) CONDENSED SEGMENT REPORT Unreviewed Unreviewed Audited as at as at as at R'000 31 August 2017 31 August 2016 28 February 2017 Revenue by segment Non-Ferrous (Previously "Foundry") 1 405 227 333 576 1 002 438 Ferrous (Previously "Steel") 171 450 68 922 174 818 Refractory 54 422 55 494 114 462 Plastics 35 268 22 320 50 808 1 666 368 480 312 1 342 526 Gross profit by segment Non-Ferrous (Previously "Foundry") 140 839 47 388 134 852 Ferrous (Previously "Steel") 17 980 7 821 20 915 Refractory 6 977 6 376 14 008 Plastics 13 955 6 981 16 372 179 751 68 565 185 833 Operating profit by segment Non-Ferrous (Previously "Foundry") 57 393 11 034 28 231 Ferrous (Previously "Steel") 11 861 6 062 15 422 Refractory 6 067 4 397 10 802 Plastics 1 940 (1 632) (23) 77 261 19 862 54 433 SALIENT FEAUTURES Unreviewed Unreviewed Audited as at as at as at R'000 31 August 2017 31 August 2016 28 February 2017 Basic earnings (loss) per share From continuing operations (cents per share) 11.97 4.94 11.01 Number of weighted shares in issue at the end of the period/year ('000) 410 000 260 000 291 644 Less: treasury shares held in a subsidiary at the end of the year ('000) (23 108) (22 715) (22 962) 386 892 237 285 268 682 Reconciliation of headline earnings (loss) and diluted headlines earnings (loss) Profit attributable to owners of the parent (R'000) 46 326 11 717 29 571 Adjusted for (profit)/loss on sale of property, plant and equipment, net of tax (R'000) (111) (378) (366) Headline earnings for the group (R'000) 46 216 11 340 29 206 Headline earnings per share (cents) 11.95 4.78 10.87 Reconciliation of number of shares for diluted earnings (loss) per share Weighted average number of ordinary shares in issue ('000) 386 892 237 285 268 682 Adjusted for: Share options ('000) 17 511 16 406 16 406 Weighted average number of ordinary shares for diluted earnings per share ('000) 404 404 253 691 285 087 Basic earnings per share (cents) 11.97 4.94 11.01 Headline earnings per share (cents) 11.95 4.78 10.87 Diluted earnings per share (cents) 11.46 4.62 10.37 Diluted headlines earnings per share (cents) 11.43 4.47 10.24 Dividends per share 3.00 1.50 1.50 Net asset value per share (cents) 87.17 65.69 75.93 Tangible net asset value per share (cents) 84.30 61.21 73.04 EBITDA 91 276 24 482 66 013 Depreciation 12 733 4 621 11 580 CHANGES TO THE BOARD The following changes to the board have taken place - PJ Schutte stood down as CEO of Insimbi with effect from 31 May 2017; - F Botha was appointed as CEO from 1 June 2017; - CF Botha, EP Liechti and PJ Schutte resigned as directors of Insimbi with effect from 31 May 2017; and - A de Wet has been appointed as Chief Financial Officer with effect from 9 October 2017. BASIS OF PREPARATION AND ACCOUNTING POLICIES The unaudited condensed consolidated financial statements for the interim period ended 31 August 2017 have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, the AC 500 series of accounting standards, JSE listing Requirements and the Companies Act of South Africa, and prepared under the supervision of the acting Financial Director, Frederik Botha CA (SA). The accounting policies are consistent with those applied in the annual financial statements for the previous year. The above information has not been audited or reported on by Insimbi's auditors. CONTINGENCIES The Company does not have any material contingencies. Approval: B Craig F Botha Chairman Chief Executive Officer 26 September 2017 Registered office: Stand 359 Crocker Road, Wadeville, Germiston, 1422 Company Secretary: SK Saunders Directors: B Craig* (Chairman), F Botha (Chief Executive Officer), C Coombs, RI Dickerson*, P Mogotlane*, N Mwale*, C Ntshingila (previously Shiceka)* *non-executive Sponsor: Bridge Capital Advisors Proprietary Limited Transfer Secretaries: Computershare Investor Services Proprietary Limited Date: 26/09/2017 08:49:00 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.

Changes Relating To On-Market Buy-Back South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth)) (ACN 093 732 597) ASX / LSE / JSE Share Code: S32 ADR: SOUHY ISIN: AU000000S320 south32.net Changes Relating To On-Market Buy-Back South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) announce that the broker who will act on the company's behalf has changed to J. P. Morgan Securities Australia Limited. The changes relating to the on-market buy-back (Appendix 3D) is lodged on the Australian Securities Exchange and voluntarily disclosed on the Johannesburg Stock Exchange and London Stock Exchange by way of submission to the National Storage Mechanism and will shortly be available for inspection at: http://www.hemscott.com/nsm.do About South32 South32 is a globally diversified mining and metals company with high quality operations in Australia, Southern Africa and South America. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We have a simple strategy to maximise the potential of our assets and shareholder returns by optimising our existing operations, unlocking their potential and identifying new opportunities to compete for capital. FURTHER INFORMATION INVESTOR RELATIONS Alex Volante Rob Ward T +61 8 9324 9029 T +61 8 9324 9340 M +61 403 328 408 M +61 431 596 831 E Alex.Volante@south32.net E Robert.Ward@south32.net MEDIA RELATIONS Hayley Cardy James Clothier T +61 8 9324 9008 T +61 8 9324 9697 M +61 409 448 288 M +61 413 319 031 E Hayley.Cardy@south32.net E James.Clothier@south32.net Further information on South32 can be found at www.south32.net. JSE Sponsor: UBS South Africa (Pty) Ltd 26 September 2017 Date: 26/09/2017 08:35:00 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.

Listing Of Additional Satrixemg Securities-STXEMG SATRIX COLLECTIVE INVESTMENT SCHEME Satrix MSCI Emerging Markets Feeder Portfolio JSE code: STXEMG ISIN code: ZAE000246633 ("SATRIXEMG" or "STXEMG") A portfolio in the Satrix Collective Investment Scheme, registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 LISTING OF ADDITIONAL SATRIXEMG SECURITIES SATRIXEMG has issued and listed an additional 100 000 securities with effect from the commencement of business today, at an issue price of approximately R 38.18 per security. Following the listing of the 100 000 securities, there will be 3 072 719 SATRIXEMG securities in issue. 26 September 2017 Sponsor Vunani Corporate Finance Date: 26/09/2017 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.

Notification of directors' dealings in Net1 securities Net 1 UEPS Technologies, Inc. Registered in the state of Florida, USA (IRS Employer Identification No. 98-0171860) Nasdaq share code: UEPS JSE share code: NT1 ISIN: US64107N2062 ("Net1" or "the Company") Notification of directors' dealings in Net1 securities In compliance with the JSE Limited Listings Requirements, the following dealings in the securities of Net1 have taken place by directors ("reporting persons") of the Company: Director: Paul Edwards Name of company: Net1 Class of security: Common stock Nature of interest: Direct, beneficial Nature of transaction: On market sale of securities Number of securities: 5,000 (1) Date of transaction: September 20, 2017 Price per security: USD 10.18 (2) Total transaction value: USD 50,894.30 (1) Includes 1,168 shares which were part of an original grant of 3,502 restricted shares (ii) 2,993 shares which were part of an original grant of 4,489 restricted shares and (iii) 839 shares which were part of an original grant of 10,000 restricted shares. Each of the aforementioned restricted shares was originally set to vest over a three-year period. After the end of fiscal 2017, the board amended the terms of the outstanding awards such that they vested immediately. As a result of this amendment, all shares held at June 30, 2017 were fully-vested. (2) Sale prices for the transaction reported range from $10.16 to $10.20. Director: Christopher Stefan Seabrooke Name of company: Net1 Class of security: Common stock Nature of interest: Direct, beneficial Nature of transaction: On market sale of securities Number of securities: 24,533 (1) Date of transaction: September 21, 2017 Price per security: USD 9.83 (2) Total transaction value: USD 241,200.41 (1) Includes (i) 1,959 shares which were part of an original grant of 5,877 restricted shares, (ii) 4,987 shares which were part of an original grant of 7,481 restricted shares, (iii) 15,000 shares which were part of an original grant of 15,000 restricted shares, and (iv) 2,587 shares which were part of an original grant of 2,587 restricted shares. Each of the aforementioned restricted shares was originally set to vest over a three-year period. After the end of fiscal 2017, the board amended the terms of the outstanding awards such that they vested immediately. As a result of this amendment, all shares held at June 30, 2017 were fully- vested. (2) Sale prices for the transaction reported range from $9.76 to $9.89. Clearance to deal was given in terms of paragraph 3.66 of the JSE Limited Listings Requirements. September 26, 2017 Johannesburg Sponsor to Net1: Rand Merchant Bank, a division of FirstRand Bank Limited Date: 26/09/2017 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.

Listing Of Additional Satrix500 Securities - STX500 SATRIX COLLECTIVE INVESTMENT SCHEME Satrix S&P 500 Feeder Portfolio JSE code: STX500 ISIN code: ZAE000246641 ("SATRIX500" or "STX500") A portfolio in the Satrix Collective Investment Scheme, registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 LISTING OF ADDITIONAL SATRIX500 SECURITIES SATRIX 500 has issued and listed an additional 100 000 securities with effect from the commencement of business today, at an issue price of approximately R 31.87 per security. Following the listing of the 100 000 securities, there will be 1 974 051 SATRIX500 securities in issue. 26 September 2017 Vunani Corporate Finance Sponsor Date: 26/09/2017 08:00:00 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.

Listing of Additional Satrix Resi Securities-STXRES SATRIX COLLECTIVE INVESTMENT SCHEME SATRIX RESI PORTFOLIO JSE Code: STXRES ISIN: ZAE000078622 ("Satrix Resi") A portfolio in the Satrix Collective Investment Scheme, registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 LISTING OF ADDITIONAL SATRIX RESI SECURITIES Satrix Resi has issued and listed an additional 1 300 000 securities with effect from the commencement of business today, at an issue price of approximately R 36.63 per security. Following the listing of the 1 300 000 securities, there will be 10 787 975 Satrix Resi securities in issue. Sandton 26 September 2017 Sponsor Vunani Corporate Finance Date: 26/09/2017 08:00:00 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.

Stabilisation Announcement Steinhoff Africa Retail Limited (Previously K2017221869 (South Africa) Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number: 2017/221869/06) JSE share code: SRR ISIN: ZAE000247995 ("STAR" or the "Company") NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT A PROSPECTUS AND NOT AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. STABILISATION ANNOUNCEMENT As set out in STAR's Pre-Listing Statement dated 4 September 2017, Ainsley Holdings Proprietary Limited (the "Overallotment Shareholder"), granted Citigroup Global Markets Limited, acting as stabilisation manager on behalf of the Joint Global Coordinators noted below (the "Stabilisation Manager"), a call option to purchase up to 50,000,000 existing STAR ordinary shares from the Overallotment Shareholder (the "Call Option"). The Call Option would enable the Stabilisation Manager to close out any existing short positions from the over-allotment of shares in connection with STAR's initial private placement, for a period of 30 calendar days post listing. Shareholders are hereby informed that the Stabilisation Manager has not affected any stabilisation transactions as STAR shares have traded consistently above the offer price since listing. Accordingly, the Call Option between the Stabilisation Manager and the Overallotment Shareholder will be exercised in full, with the result that no future stabilisation transactions will be effected. Post the Call Option being exercised, Steinhoff International Holdings N.V. will indirectly hold 76.81% of STAR's issued share capital. 26 September 2017 Transaction and Corporate Sponsor PSG Capital Proprietary Limited Joint Global Coordinators Citigroup Global Markets Limited Investec Bank Limited Morgan Stanley & Co. International plc Rand Merchant Bank, a division of FirstRand Bank Limited DISCLAIMER The contents of this announcement have been prepared by and are the sole responsibility of STAR. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities to any person in the United States, Australia, Canada or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein (the "Shares") may not be offered or sold in the United States unless registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The offer and issue of the Shares has not been, and will not be, registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. Subject to certain exceptions, the Shares referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. There will be no public offer of securities in the United States, Canada, Australia and Japan. This announcement does not constitute or form a part of any offer or solicitation or advertisement to purchase and/or subscribe for Shares in South Africa, including an offer to the public for the sale of, or subscription for, or the solicitation of an offer to buy and/or subscribe for, shares as defined in the South African Companies Act No. 71 of 2008 ("South African Companies Act"), as amended and will not be distributed to any person in South Africa in any manner that could be construed as an offer to the public in terms of the South African Companies Act. This announcement does not, nor does it intend to, constitute a "registered prospectus", as contemplated by the South African Companies Act. This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The information contained in this announcement constitutes factual information as contemplated in section 1(3)(a) of the South African Financial Advisory and Intermediary Services Act, 37 of 2002, as amended and should not be construed as an express or implied recommendation, guide or proposal that any particular transaction in respect of the Shares or in relation to the business or future investments of the Company is appropriate to the particular investment objectives, financial situations or needs of a prospective investor, and nothing in this announcement should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa. In member states of the European Economic Area (each, a "Relevant Member State"), this announcement and any offer if made subsequently is directed only at persons who are "qualified investors" within the meaning of the Prospectus Directive ("Qualified Investors"). For these purposes, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU. In the United Kingdom this announcement is directed exclusively at Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) who fall within Article 49(2)(A) to (D) of the Order, and (iii) to whom it may otherwise lawfully be communicated, and any investment activity to which it relates will only be engaged in with such persons and it should not be relied on by anyone other than such persons. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan. Date: 26/09/2017 08:00:00 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.

PPC Investor Presentation PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) ISIN: ZAE000170049 JSE and ZSE Code: PPC ("PPC" or the "Company") PPC INVESTOR PRESENTATION PPC will be participating in the RMB Morgan Stanley Big Five Investor Conference in Cape Town on Tuesday 26 September 2017 and Wednesday 27 September 2017, and has, in preparation for this event, posted an investor presentation on PPC´s website: www.ppc.co.za. This investor presentation provides an operational update of PPC´s performance during the first five months of the financial year as well an update on the group's debt position for the same period. Effective selling prices rose by 2.0% in the SA cement business, whilst volumes are marginally down compared with the same period last year. In the Rest of Africa businesses, Zimbabwe and Rwanda continue to deliver high double digit volume growth. Utilisation in Zimbabwe has risen to between 50 and 60%, whilst Rwanda has increased to between 60 and 70%. DRC continues with its steady ramp-up, with Ethiopia having received orders of more than 150,000 tons since commissioning, of which 65% has been delivered. The group's net debt position has improved further at the end of August 2017 compared with June 2017. Negotiations have commenced with lenders regarding the restructuring of outstanding debt in the DRC, as well as negotiations regarding the deferment of EPC contract retention fees amounting to US$24m previously disclosed to shareholders. The latter could either be deferred for 18 - 24 months, or be converted into equity in the DRC business subject to due diligence. Any financial information on which the presentation is based has not been reviewed or reported on by the Company´s auditors. Sandton 26 September 2017 Investor contacts: PPC: Anashrin Pillay Tel: +27 (0) 11 386 9000 Anashrin.Pillay@ppc.co.za Siobhan McCarthy Group Manager Corporate Affairs Tel: +27 (0) 11 386 9000 Sponsor to PPC: Merrill Lynch South Africa (Pty) Ltd Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 (0) 71 605 4294 Louise.Fortuin@instinctif.com Date: 26/09/2017 08:00:00 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.

Nampak provides strategy and operational updates at the 2017 Investor Day NAMPAK LIMITED (Incorporated in the Republic of South Africa) (Registration number 1968/008070/06) ISIN: ZAE 000071676 Share code: NPK Nampak provides strategy and operational updates at the 2017 Investor Day Johannesburg, 26 September 2017 - Nampak will provide an update on the group's strategy and progress on key operational initiatives across its divisions at the Nampak Investor Day briefing for investors and analysts being held today. Nampak's Chief Executive Officer, André de Ruyter and Chief Financial Officer, Glenn Fullerton along with Nampak's divisional executives will deliver presentations on the group's key strategies and provide brief operational updates by division. The Investor Day briefing will take place from 08:00 a.m. to 12:30 p.m. CAT, followed by a factory site visit to the Bevcan operation in Springs, South Africa. The investor day presentation is available on the Nampak website at http://www.nampak.com/Investors/Financial-Information For further information please contact: Nondyebo Mqulwana Nampak Investor Relations Email: Nondyebo.mqulwana@nampak.com Bryanston 26 September 2017 Sponsor: UBS South Africa (Pty) Ltd Date: 26/09/2017 08:00:00 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.

Acquisition Of The Commercial And Industrial Insurance Brokerage Business Of Absa Insurance And Financial Advisers P PSG Konsult Limited (Incorporated in the Republic of South Africa) Registration Number: 1993/003941/06 JSE Share Code: KST NSX Share Code: KFS ISIN Code: ZAE000191417 ("PSG Konsult") VOLUNTARY ANNOUNCEMENT - ACQUISITION OF THE COMMERCIAL AND INDUSTRIAL INSURANCE BROKERAGE BUSINESS OF ABSA INSURANCE AND FINANCIAL ADVISERS PROPRIETARY LIMITED ("AIFA") PSG Konsult has concluded an agreement to acquire AIFA's commercial and industrial insurance brokerage business. This business is made up of 102 advisers and in excess of 32 000 clients, that will, upon fulfilment of conditions to the transaction, integrate into the PSG Konsult distribution network of PSG Insure advisers. This transaction, which is subject to conditions typical for a transaction of this nature including regulatory approvals, will be funded from existing cash resources. The implementation of this transaction will enhance PSG Insure's footprint across South Africa. PSG Konsult's core focus remains organic growth. The acquisition falls below the threshold of the categorisation of transactions which require disclosure in terms of the JSE Listings Requirements. Nevertheless, the Board of PSG Konsult deemed it appropriate to inform shareholders of the acquisition in the interests of full transparency. Tyger Valley 26 September 2017 JSE sponsor and transaction advisor: PSG Capital Proprietary Limited NSX sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the Namibian Stock Exchange Date: 26/09/2017 08:00:00 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.

Directorate Changes FERRUM CRESCENT LIMITED (Incorporated and registered in Australia and registered as an external company in the Republic of South Africa) (Registration number A.C.N. 097 532 137) (External company registration number 2011/116305/10) Share code on the ASX: FCR Share code on AIM: FCR Share code on the JSE: FCR Australian ISIN: AU000000WRL8 South African ISIN: AU000000FCR2 26 September 2017 Ferrum Crescent Limited ("FCR", the "Company" or the "Group")(ASX, AIM, JSE: FCR) Directorate Changes FCR, the lead-zinc exploration company, announces that Mr Justin Tooth, Executive Chairman, has resigned from the board of directors of the Company (the "Board") with immediate effect, in order to pursue his other business interests. Mr Grant Button, currently a non-executive director of the Company and the company secretary, residing in Australia, will assume the role of non-executive Chairman, also with immediate effect. Mr Laurence Read, previously a non-executive director, residing in the United Kingdom, will become an executive director and work alongside the Board, with the Company's geological team and consultants. Mr Evan Kirby, a non- executive director of the Company, residing in Australia, will remain in his current role and provides an important resource for the Company, as a highly experienced project development manager. As part of the new Board's commitment to reduce costs, no changes in salary or remuneration will be made regarding the new Board composition at this time. Additionally, the Company does not currently intend to employ a new full-time CEO with associated remuneration package. Instead, FCR will look to maximize its exploration expenditure on the Toral, lead-zinc, project. The Board would like to thank Justin Tooth for his important input during a key transition period for the Company, as it has effected the divestment of the Moonlight iron ore assets, located in South Africa, and completed the acquisition of its Spanish lead-zinc operations. FCR looks forward to announcing an update on strategic pathways for the Toral lead- zinc project in Spain, following work currently being undertaken by a new external, JORC complaint, independent geological group overseen by the Company's technical consultant, Mr Myles Campion and the Board. Commenting today, Mr Grant Button, FCR's Chairman, said: "I would like to thank Justin for all of his hard work over the past 18 months and he leaves with the Company now an active lead zinc explorer. FCR has reached a key phase in its exploration and evaluation activities on the Toral lead-zinc asset, and the focus is now to efficiently enhance the value of the project, through meaningful exploration, whilst reducing administrative costs. With this in mind I look forward to updating the market shortly with a number of initiatives on the Toral project once our consultants have completed their review work." For further information on the Company, please visit www.fcrexploration.com www.ferrumcrescent.com or contact: Ferrum Crescent Limited Grant Button, Chairman (Australia) T: +61 8 9474 2995 Laurence Read, Director (UK) T: + 44 (0)20 3289 9923 Strand Hanson Limited (Nominated Adviser) Rory Murphy / Matthew Chandler T: +44 (0)20 7409 3494 Peterhouse Corporate Finance Limited (Broker) Lucy Williams / Duncan Vasey / Heena Karani T: +44 (0)20 7469 0930 Beaufort Securities Limited (Broker) Elliot Hance T: +44 (0)20 7382 8300 Bravura Capital (Pty) Ltd (JSE Sponsor) Melanie De Nysschen T (direct): +27 11 459 5052 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Date: 26/09/2017 08:00:00 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.

Uitkomst Resources & Reserves Update Coal of Africa Limited (Incorporated and registered in Australia) Registration number ABN 008 905 388 ISIN AU000000CZA6 JSE/ASX/AIM share code: CZA ANNOUNCEMENT 26 September 2017 UITKOMST RESOURCES & RESERVES UPDATE Coal of Africa Limited ("CoAL" or "the Company") is pleased to announce the Summary of Technical Review 2017 (the "Report") for the Uitkomst Colliery ("Uitkomst" or the "Colliery") prepared by Minxcon (Pty) Ltd, an independent mining industry consulting firm. The Report details Uitkomst's Resources and Reserves as at 28 February 2017. The Company acquired 91% of the shares and claims in Uitkomst for R275 million (US$20.5 million) on 30 June 2017 with the remaining 9% held by broad-based trusts, including employees and communities. Background The operational underground Uitkomst Colliery is located approximately 20km northwest of town of Utrecht in the Kwazulu Natal province, South Africa. Uitkomst is accessible from a well maintained road network and is 27km from the leased Wykom rail siding from where coal is railed to the Richards Bay Coal Terminal. The Colliery comprises a South Adit (horizontal shaft) using traditional bord-and-pillar mining methods, as well as a planned life-of-mine ("LoM") extension to the north on the adjacent Klipspruit Mining Area ("North Adit"). The Colliery has the required environmental and social permits in place as well as a valid Integrated Water Use Licence ("IWUL") and has applied for an amendment of its IWUL to include the North Adit. Uitkomst has secured long term access to the surface rights required for the Colliery and will utilise the South Adit surface infrastructure and processing plant for the washing of run of mine ("RoM") coal from the North Adit. The South Adit generates an average of 45,000 tonnes ("t") of RoM coal per month from two underground sections, supplying the owner-operated processing plant. This coal yields approximately 30,000t of saleable coal and Uitkomst also purchases RoM coal from collieries situated in the surrounding area to utilise surplus processing plant capacity. Uitkomst is a high grade export quality thermal coal deposit with metallurgical applications and currently sells sized coal products namely, export coal (0 to 40mm) as well as peas (10 to 25mm). The products sold by the Colliery have a typical calorific value of 28 MJ/kg, 12% ash and sulphur levels below 1%. Salient Features The Report details the Colliery's Resources and Reserves granted under the New Order Mining Right ("NOMR") covering 11,137 hectares, expiring in October 2023. An application will be submitted to the Department of Mineral Resources to extend the NOMR, aligning it with the Colliery's remaining 17 years LoM. The tables below are an extract from the Report and reflect the Resources and Reserves as at 28 February 2017. Table 1: Uitkomst Resources and Reserves Mineable CoAL CoAL Gross tonnes tonnes in attributable attributable in situ situ interest MTIS Resource Mt Mt % Mt Measured 17.7 15.0 91 13.7 Indicated 4.9 4.3 91 3.9 Inferred 4.3 4.0 91 3.6 26.9 23.3 21.2 1. Mt denotes tonnes millions. 2. Mined-out areas have been depleted. Table 2: Uitkomst Mineral Reserves Raw RoM coal qualities Calorific Total Tonnes Yield Ash Value Sulphur Mt % % MJ/kg % RoM coal Reserve Proven 6.6 65.1 29.73 22.72 1.55 Probable 1.8 64.2 31.37 22.05 1.58 Total 8.4 64.9 30.09 22.58 1.56 Saleable coal Reserve Proven 4.2 12.00 28.91 0.93 Probable 1.2 11.99 28.92 0.95 Total 5.4 12.00 28.91 0.94 1. Cut-offs are applied to a minimum of 1.2 metre seam width, minimum of 25 metres below surface and a minimum of 20% volatile material. 2. Mt denotes tonnes millions. 3. Mined-out areas have been depleted. 4. Geological loss applied to tonnes was - Measured at 10%, Indicated at 15% and Inferred at 20%. Operations post the Report - A total of 369,895t of RoM coal was mined at Uitkomst between 1 March 2017 and 31 August 2017. - The Company benefitted from R60 million (US$4.6 million) in positive working capital as at acquisition date, namely 30 June 2017, resulting in positive cash flows as this is realised. David Brown, Chief Executive Officer of CoAL, commented: "The addition of Uitkomst is a critical requirement for the Company at this stage in its life cycle. The Colliery provides CoAL with a cash generating asset that will assist in the funding of the business while the Makhado Project is being developed, covering a significant portion of the Company's overhead costs. The high grade metallurgical coal products sold by the Uitkomst Colliery facilitates access to these markets, providing further insight while the hard coking coal marketing strategy for the Makhado Project is being finalised." For more information contact: David Brown Chief Executive Officer Coal of Africa +27 10 003 8000 De Wet Schutte Chief Financial Officer Coal of Africa +27 10 003 8000 Stephen Rowse Business Executive Coal of Africa +27 10 003 8000 Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100 Company advisors: Matthew Armitt/Ross Allister Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900 Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150 Charmane Russell/Olwen Auret Financial PR (South Africa) Russell & Associates +27 11 880 3924 or +27 82 372 5816 Investec Bank Limited is the nominated JSE Sponsor About CoAL: CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Uitkomst Colliery, Makhado Project (coking and thermal coal), Vele Colliery (coking and thermal coal) and the Greater Soutpansberg Project (MbeuYashu). This announcement is inside information for the purposes of article 7 of EU Regulation 596/2014. The Uitkomst Resource and Reserve is reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and therefor compliant with the Committee for the Mineral Reserves International Reporting Standards (CRIRSCO) of November 2013, which is a requirement due to the fact that CoAL has its primary listing on Australian Stock exchange (ASX: CZA:AU) with secondary listings on the London Stock Exchange's AIM market (AIM: CZA:LN) and Johannesburg Stock Exchange (JSE: CZA:SJ). Under the auspices of CRIRSCO the reporting is required to be compliant to the relevant National Reporting Organisations (NROs) and are required to be founded on the Central Principles of Transparency, Materiality and Competence and are provided on an "If not, why not" basis. The lead Competent Person responsible for the declaration of the Uitkomst Resources and Coal Reserves as presented in this announcement is Mr Daniel (Daan) van Heerden (Director, Minxcon): B Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng. (Reg. No. 20050318), FSAIMM (Reg. No.37309), AMMSA. Mr van Heerden has worked in the mining industry for over 30 years. He has a vast amount of experience in managing underground and open cast mining operations in South Africa and abroad for world-class mining majors and junior mining companies. He was responsible for new business development for two major mining companies and has experience in mining mergers and acquisitions. He is currently heading the Mining Engineering division of Minxcon, where he is integrally involved in activities such as valuation, due diligence, finance structuring, change management required post the event, feasibility studies, life of mine plans, technical reviews and writing of technical reports for various commodities. Mr van Heerden is independent of Uitkomst Colliery (Pty) Ltd, its directors, senior management and advisors. AU: Coal of Africa Limited, Suite 8, 7 The Esplanade, Mount Pleasant, Perth WA 6153, Australia, Tel: +61 8 9316 9100, Fax: +61 8 9316 5475 ZA: South Block, Summercon Office Park, Cnr Rockery Lane and Sunset Avenue, Lonehill, 2191, Tel: +27 10 003 8000 Fax: +27 11 388 8333 Email: adminza@coalofafrica.com Bernard R. Pryor - Chairman, David H. Brown - Chief Executive Officer, De Wet O Schutte Non-executive directors: Peter G. Cordin, Andrew D Mifflin, Khomotso B. Mosehla ,Thabo F Mosololi, Rudolph H. Torlage, Shangren Ding Date: 26/09/2017 08:00:00 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.

renewal of cautionary BSI Steel Limited (Incorporated in the Republic of South Africa) (Registration number 2001/023164/06) JSE code: BSS ISIN: ZAE000125134 ("BSI" or "the Company") RENEWAL OF CAUTIONARY ANNOUNCEMENT BSI shareholders ("Shareholders") are referred to the cautionary announcement published on Monday, 14 August 2017 wherein they were advised that the board of directors of BSI ("Board") has resolved, in principle, to proceed towards seeking a delisting of BSI from the JSE ("Proposed Delisting"). The Proposed Delisting assessment is still in progress and this announcement, therefore, does not constitute an offer or an undertaking to make an offer to Shareholders by any party, including by BSI. The Proposed Delisting may have a material effect on the price of the Company's securities. Accordingly, Shareholders are advised to continue exercising caution when dealing in the Company's securities until a further announcement regarding the Proposed Delisting is made or this cautionary announcement is withdrawn. Johannesburg 26 September 2017 Designated Advisor and Corporate Advisor Sasfin Capital (a member of the Sasfin Group) Date: 26/09/2017 08:00:00 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.

Form 8.3 Disclosure - Quantum Pharma OLD MUTUAL PLC ISIN CODE: GB00B77J0862 JSE SHARE CODE: OML NSX SHARE CODE: OLM ISSUER CODE: OLOMOL Old Mutual FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: Old Mutual plc (and subsidiaries) (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant Quantum Pharma Plc securities this form relates: Use a separate form for each offeror/offeree (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: 22/09/2017 For an opening position disclosure, state the latest practicable date prior to the disclosure (f) In addition to the company in 1(c) above, is the Clinigen Group Plc discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 10p Ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or 455,672 0.26% controlled: (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: 455,672 0.26% TOTAL: Please note we do not have voting rights within 120,561 of the above total holdings. 2 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant Purchase/sale Number of securities Price per unit security Ordinary Purchase 15,344 0.78 GBP (b) Cash-settled derivative transactions Class of relevant Product Nature of dealing Number of Price per unit security description e.g. opening/closing a reference e.g. CFD long/short position, securities increasing/reducing a long/short position (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of Product Writing, Number of Exercise Type Expiry Option relevant description purchasing, securities price per e.g. date money security e.g. call selling, to which unit American, paid/ option varying etc. option European received relates etc. per unit (ii) Exercise Class of relevant Product Exercising/ Number of Exercise price per security description exercised against securities unit e.g. call option 3 (d) Other dealings (including subscribing for new securities) Class of relevant Nature of dealing Details Price per unit (if security e.g. subscription, conversion applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? No Date of disclosure: 0B 25 September 2017 Contact name: 1B Rose Coyle Telephone number: 2B 0207 002 7503 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk. Sponsor: Merrill Lynch South Africa (Pty) Ltd Joint Sponsor: Nedbank Corporate and Investment Banking Date: 26/09/2017 07:31:00 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.

Form 8.3 Disclosure -Paysafe OLD MUTUAL PLC ISIN CODE: GB00B77J0862 JSE SHARE CODE: OML NSX SHARE CODE: OLM ISSUER CODE: OLOMOL Old Mutual FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: Old Mutual plc (and subsidiaries) (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose Paysafe Group Plc relevant securities this form relates: Use a separate form for each offeror/offeree (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: 22/09/2017 For an opening position disclosure, state the latest practicable date prior to the disclosure (f) In addition to the company in 1(c) above, is the N/A discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 1p Ordinary Interests Short positions Number % Number % (1) Relevant securities owned 61,530,721 12.60% and/or controlled: (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: 61,530,721 12.60% TOTAL: Please note we do not have voting rights within 5,828,539 of our total holdings. 2 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant Purchase/sale Number of securities Price per unit security Ordinary Sale 110,000 5.83 GBP (b) Cash-settled derivative transactions Class of Product Nature of dealing Number of Price per unit relevant description e.g. opening/closing a reference security e.g. CFD long/short position, securities increasing/reducing a long/short position (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of Product Writing, Number Exercise Type Expiry Option relevant description purchasing, of price e.g. date money security e.g. call selling, securities per unit American, paid/ option varying etc. to which European received option etc. per unit relates (ii) Exercise Class of Product Exercising/ Number of Exercise price relevant security description exercised securities per unit e.g. call option against 3 (d) Other dealings (including subscribing for new securities) Class of relevant Nature of dealing Details Price per unit (if security e.g. subscription, conversion applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? No Date of disclosure: 0B 25 September 2017 Contact name: 1B Rose Coyle Telephone number: 2B 0207 002 7503 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk. Sponsor: Merrill Lynch South Africa (Pty) Ltd Joint Sponsor: Nedbank Corporate and Investment Banking Date: 26/09/2017 07:30:00 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.

TR-1: Standard form for notification of major holdings Anglo American plc Registered office: 20 Carlton House Terrace, London SW1Y 5AN Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM (the "Company") TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached(ii): - ANGLO AMERICAN PLC 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rights x An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify) (iii): 3. Details of person subject to the notification obligation(iv) Name Deutsche Bank AG City and country of registered office (if applicable) Frankfurt, Germany 4. Full name of shareholder(s) (if different from 3.) Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached vi): 20/09/2017 6. Date on which issuer notified (DD/MM/YYYY): 22/09/2017 7. Total positions of person(s) subject to the notification obligation % of voting rights at- % of voting rights tached to shares (to- through financial instru- Total of both in % Total number of tal of 8. A) ments (8.A + 8.B) voting rights of is- (total of 8.B 1 + 8.B 2) suer(vii) Resulting situation on the date on which 2.47% 4.58% 7.05% 1,404,605,828 threshold was crossed or reached Position of previous notification (if 2.37% 4.58% 6.94% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached(viii) A: Voting rights attached to shares Class/type of Number of voting rights(ix) % of voting rights shares ISIN code (if possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) GB00B1XZS820 29,786,628 4,947,023 2.12% 0.35% SUBTOTAL 8. A 34,733,651 2.47% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights Type of financial in- Expiration Exercise/ that may be acquired if strument date(x) Conversion Period(xi) the instrument is % of voting rights exercised/converted. Right To Recall 934,551 0.07% Call Option 15-Jun-18 2,156,000 0.15% Exchangeable Bond 11-Apr-20 10,232,701 0.73% SUBTOTAL 8. B 1 13,323,252 0.95% B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Physical or Type of financial Expiration Exercise/ cash Number of instrument date(x) Conversion Pe- settlement(xii) voting rights % of voting rights riod (xi) Swaps 04-Mar-19 Cash 21,622,674 1.54% Call Option 10-Dec-18 Cash 23,796,714 1.69% Put Option 10-Dec-18 Cash 2,502,565 0.18% Put Option 15-Dec-17 Physical 2,800,000 0.20% Option Swaps 15-Dec-17 Cash 250,000 0.02% SUBTOTAL 50,971,953 3.63% 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (xiii) Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (xiv) x (please add additional rows as necessary) % of voting rights % of voting rights if it through financial instru- Total of both if it equals or is higher ments if it equals or is equals or is higher than the notifiable higher than the notifiable than the notifiable Name(xv) threshold threshold threshold Deutsche Bank Aktieng- 4.58% 7.05% esellschaft (100%) Deutsche Holdings (Malta) Ltd. (100%) Deutsche Group Holdings (SA) Proprietary Limited (100%) Deutsche Holdings (SA) (Proprietary) Limited (100%) Deutsche Securities (Pro- prietary) Limited 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional informationxvi Place of completion London Date of completion 22/09/2017 John Mills Group Company Secretary Anglo American plc 25 September 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Notes (i) Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings. (ii) Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer. (iii) Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert. (iv) This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1). As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert. In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned: - in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights; - in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions; - in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created; - in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking; - in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion; - in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights; - in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies). (v) Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifi- able threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies). (vi) The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect. (vii) The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended. (viii) If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold. (ix) In case of combined holdings of shares with voting rights attached "direct holding" and voting rights "indirect holding", please split the voting rights number and percentage into the direct and indirect columns - if there is no combined holdings, please leave the relevant box blank. (x) Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends. (xi) If the financial instrument has such a period - please specify this period - for example once every 3 months starting from [date]. (xii) In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A). (xiii) If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies. (xiv) The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.). (xv) The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves. (xvi) Example: Correction of a previous notification. Date: 26/09/2017 07:13:00 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.

Atlatsa Resources Corporation announces update on delay in filing of unaudited interim financial statements Atlatsa Resources Corporation (Incorporated in British Columbia, Canada) (Registration number 10022-2033) TSX/JSE share code: ATL ISIN: CA0494771029 ("Atlatsa" or the "Company") ATLATSA RESOURCES CORPORATION ANNOUNCES UPDATE ON DELAY IN FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS September 26, 2017 - Atlatsa Resources Corporation ("Atlatsa" or the "Company") (TSX: ATL; JSE: ATL) announced on August 14, 2017 (the "Default Announcement") that, due to its recently announced financial restructure plan (the "Restructure Plan") with Anglo American Platinum Limited ("AAP"), it was not in a position to file its unaudited interim financial statements for the three and six months ended June 30, 2017, the related management's discussion and analysis, and the related CEO and CFO certificates by the filing deadline. At this time, it is uncertain as to when the Company will be able to finalize its financial statements and related disclosures. As previously announced, one of the salient features of the Restructure Plan is that AAP and Atlatsa have determined to place Bokoni Mine on care and maintenance, owing to continuing operational losses in a depressed platinum market. In order to maintain medium to longer term optionality for production to re-commence at Bokoni Mine, AAP has agreed to fully fund a care and maintenance strategy for the operations up until December 31, 2019. The care and maintenance strategy for Bokoni Mine will be reviewed on an ongoing basis during this period, having regard to macro and micro economic fundamentals relating to Bokoni Mine. The Company has made and the British Columbia Securities Commission, as principal regulator for the Company, has approved an application under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that a management cease trade order be imposed in respect of this late filing rather than an issuer cease trade order. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The British Columbia Securities Commission issued the management cease trade order on August 15, 2017. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file its unaudited interim financial statements and MD&A within the prescribed period of time. The Company confirms that there has been no changes to the information contained in the Default Announcement, there has been no failures with respect to the Company fulfilling its stated intention of satisfying the provisions of the alternative information guidelines, there has been no information regarding any anticipated special default subsequent to the default which is the subject of the Default Announcement and there is no other material information concerning the status of the default and its affairs that has not been generally disclosed. Queries: On behalf of Atlatsa Joel Kesler Chief Commercial Officer Office: +27 11 779 6800 Email: Joel@atlatsa.com JSE Sponsor: One Capital Sponsor Services Proprietary Limited Taryn Carter Office: +27 11 550 5000 E-mail: sponsor@onecapital.co.za Cautionary note regarding forward-looking information This document contains "forward-looking statements" within the meaning of the applicable Canadian securities laws that are based on Atlatsa's expectations, estimates and projections as of the dates as of which those statements are made, including statements relating to anticipated financial or operational performance. Generally, these forward-looking statements can be identified by the use of forward- looking terminology including without limitation, statements relating to potential acquisitions and/or disposals, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Atlatsa expects such statements appear in a number of different places in this document and can be identified by words such as "anticipate", "estimate", "project", "expect", "intend", "believe", "plan", "forecasts", "predicts", "schedule", "forecast", "predict", "will", "could", "may", or their negatives or other comparable words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Atlatsa's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Atlatsa believes that such forward-looking statements are based on material factors and reasonable assumptions, including the following assumptions: maintaining production levels at Bokoni in accordance with mine operating plan; anticipated financial and operational improvements expected as a result of the Restructure Plan; the Company's ability to refinance its debts as and when due; the provision of goods and/or services by contracted parties on the agreed timeframes; availability of equipment available as scheduled; absence of material labour slowdowns, strikes or community unrest; proper functioning of plant and equipment functions; absence of mine plan changes resulting from a change in geological or financial parameters; and absence of geological or technical problems. Forward-looking statements, however, are not guarantees of future performance and actual results or developments may differ materially from those projected in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include: uncertainties related to the achievement of the anticipated financial and operational improvements expected as a result of the Restructure Plan; uncertainties related to the continued implementation of the Bokoni operating plan; uncertainties related to the termination and rehabilitation of the Klipfontein Merensky Opencast Mine operation; uncertainties related to the timing of the implementation of the Bokoni deferred expansion plans which includes the accelerated development of the Brakfontein and Middelpunt Hill shafts; fluctuations in market prices, levels of exploitation and exploration successes; changes in and the effect of government policies with respect to mining and natural resource exploration and exploitation; continued availability of capital and financing; general economic, market or business conditions; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, industrial unrest and strikes; political instability; suspension of operations and damage to mining property as a result of community unrest and safety incidents; insurrection or war; the effect of HIV/AIDS on labour force availability and turnover; delays in obtaining government approvals; and the Company's ability to satisfy the terms and conditions of the loans and borrowings, MD&A - Section 2 - "Liquidity", a copy of which can be found on SEDAR at www.sedar.com and under "Going Concern" in note 2 of the condensed consolidated interim financial statements. These factors and other risk factors that could cause actual results to differ materially from those in forward-looking statements are described in further detail under Item "Risk Factors" in Atlatsa's Annual Information Form for Fiscal 2016, which is available on SEDAR at www.sedar.com. Atlatsa advises investors that these cautionary remarks expressly qualify in their entirety all forward- looking statements attributable to Atlatsa or persons acting on its behalf. Atlatsa assumes no obligation to update its forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law. Investors should carefully review the cautionary notes and risk factors contained in this document and other documents that Atlatsa files from time to time with, or furnishes to; Canadian securities regulators and which are available on SEDAR at www.sedar.com. Date: 26/09/2017 07:10:00 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.

Finalisation Announcement WINHOLD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1945/019679/06) ("Winhold" or "the company") Share code: WNH ISIN Code: ZAE 000033916 FINALISATION ANNOUNCEMENT Shareholders are referred to the announcement released on SENS on Thursday, 31 August 2017 and published in the press on Friday, 1 September 2017 wherein they were advised that the special and ordinary resolutions proposed at the Scheme Meeting were approved by the requisite majority of shareholders present and/or represented by proxy and eligible to vote. Shareholders are advised that no shareholders exercised their rights in terms of sections 115 or 164 of the Companies Act, 2008 and that all conditions precedent as detailed in the circular have been fulfilled. The Scheme of Arrangement will therefore be implemented in accordance with its terms and conditions. The Scheme of Arrangement will proceed according to the following salient dates and times: 2017 Scheme LDT, being the last day to trade Winhold Shares on the JSE in order to be recorded in the Register to receive the Scheme Consideration, by close of business on Tuesday, 3 October Suspension of listing of Winhold Shares on the JSE expected to take place at the commencement of trade on Wednesday, 4 October Scheme Consideration Record Date, being the date on which Scheme Participants must be recorded in the Register to receive the Scheme Consideration, by close of trade on Friday, 6 October Implementation Date of the Scheme Monday, 9 October Payment and delivery of Scheme Consideration Monday, 9 October Termination of listing of Winhold Shares at commencement of trade on the JSE Tuesday, 10 October To the extent that the distribution of the Scheme Consideration in certain jurisdictions outside of South Africa may be restricted or prohibited by the laws of such foreign jurisdiction then this announcement is deemed to have been provided for information purposes only and the Winhold Board accepts no responsibility for any failure by Scheme Participants to inform themselves about, and to observe, any applicable legal requirements in any relevant foreign jurisdiction. Scheme Participants who are in doubt as to their position should consult their professional advisors. Johannesburg 26 September 2017 Sponsor Arbor Capital Date: 26/09/2017 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.