Senwesbel Senwes Suidwes Combined Circular - final exec

ANNEXURE 4: FORM OF ELECTION FOR USE BY SUIDWES SHAREHOLDERS The interpretations and definitions commencing on page 43 of the Circular (to which this form is attached) as read together with the interpretations and definitions commencing on page 3 of the Notice apply to this Form (unless the context clearly indicates a contrary intention). Instructions: 1. PART 1 – To be completed by Ordinary Shareholder Scheme Participants. 2. PART 2 – Applies to those Foreign Suidwes Shareholders who are emigrants from or non-resident of the Common Monetary Area. 3. PART 3 – To be completed by Preference Shareholder Scheme Participants. 4. Scheme Participants should complete the Form of Election in accordance with the provisions of the Circular and forward it to be received by no later than 12:00 on the Scheme Consideration Record Date 5. Suidwes’ securities are uncertificated and therefore Scheme Participants are not required to surrender any documents of title. Where Scheme Participants have elected the Cash Consideration, the proceeds of the Cash Consideration will be deposited by electronic transfer into their nominated bank accounts below. Payment will be effected on the later of (i) the Implementation Date; (ii) upon the release of any Encumbrances over the Suidwes Shares and (iii) transfer of the Suidwes Shares into the name of Senwesbel or Senwes, as the case may be. 6. The Cash Consideration shall, in Suidwes' sole discretion and election, be reduced with an amount equal to any indebtedness which a Scheme Participant has towards any entity within the Suidwes group as secured by way of the Suidwes Shareholder Pledge. Suidwes shall, therefore, in its sole discretion, be entitled to require that Senwes or Senwesbel, as the case may be, make payment of the Cash Consideration directly to the applicable entity within the Suidwes group in order to settle the aforementioned indebtedness of the Scheme Participant, in full or in part, on behalf of such shareholder. The Scheme Participant shall, therefore, be deemed to authorise Senwes or Senwesbel, as the case may be, in rem suam (that is, irrevocably for Senwes’ or Senwesbel's advantage), as principal, with power of substitution, to cause the settlement, or partial settlement, of the Scheme Participant's indebtedness to the applicable Suidwes entity 7. Where Ordinary Shareholders Scheme Participants that meet the Qualifying Criteria have elected the Consideration Shares, written confirmation in respect of the issue of Senwesbel Shares will be posted, at the risk of the Suidwes Shareholders, by ordinary post. 8. An Ordinary Shareholder Scheme Participant that does not fall within the parameters of a Qualifying Person will not be entitled to elect the Consideration Shares and will be deemed to have elected the Ordinary Share Cash Consideration. 9. Any alteration to this Form of Election must be signed in full and not initialled provided that no changes to this form would be allowed after submission thereof in accordance with the requirements of the Circular. 10. If this Form of Election is signed under a power of attorney, then such power of attorney or a notarial certified copy thereof must be sent with this Form of Election for noting. 11. Where the Scheme Participant is a company or a close corporation or a trust, a certified copy of the directors’ or members’ or trustees’ resolution authorising the signing of this Form of Election must be submitted if so requested by Senwes. 12. Where there are joint holders of any sold shares, only that holder whose name appears first in the Suidwes share register in respect of such sold shares need to sign this Form of Election. 101

PART 1 – I/WE EXERCISE AN ELECTION IN RESPECT OF MY/OUR SUIDWES SHARES SET OUT BELOW: TO BE COMPLETED BY ORDINARY SHAREHOLDER SCHEME PARTICIPANTS WHO WISH TO RECEIVE THE ORDINARY SHARE CASH CONSIDERATION Full name of Suidwes Shareholder: Postal address: ID/Registration number: Telephone number: Signature of Suidwes Shareholder Cell phone number: Email: Date: Bank particulars: Name of bank: Number of Suidwes Shares (Complete Account holder: Branch code: Block A or mark Block B with X) Account number: A Insert B I/We am/are unsure number and request Senwes to of establish the facts with the Suidwes Company Secretary of Shares: Suidwes My/Our above Suidwes Shares are/may be subject to a cession in security/pledge in favour of (complete details of security holder): I/We irrevocably authorise the Company Secretary or any director of Senwes in rem suam on my/our behalf and at my/our risk to perform all legal acts necessary or requisite to give effect to my/our disposal to Senwes of the Suidwes Shares, including but not limited to making all enquiries and signing all transfer deeds necessary to transfer the Suidwes Shares to Senwes, and otherwise to perform all legal acts on my/our behalf in relation thereto. OR TO BE COMPLETED BY ORDINARY SHAREHOLDER SCHEME PARTICIPANTS WHO WISH TO RECEIVE THE CONSIDERATION SHARES. An Ordinary Shareholder Scheme Participant who is not a Qualifying Person and who elects the Consideration Shares but does not qualify as a Qualifying Person will be deemed to have elected the Ordinary Share Cash Consideration. The application of an Ordinary Shareholder Scheme Participant who elects the Consideration Shares has to be approved as explained in this Circular and Ordinary Shareholder Scheme Participants who wish to elect the Consideration Shares option should also complete the attached Application Form as attached as Annexure A hereto. Full name of Suidwes Shareholder: Postal address: ID/Registration number: Telephone number: Signature of Suidwes Shareholder Cell phone number: Email: I/We wish to receive 1 (one) * NOTE: Only Ordinary Share Scheme Consideration Share (Senwesbel Participants that qualify in full to take up ordinary share) for every 3 (three) shares in Senwesbel in terms of the Suidwes Shares (indicate your election by Senwesbel MOI as Qualifying Persons may ticking the box below): elect the Senwesbel share as consideration. SENWESBEL LIMITED 102

PART 2 – TO BE COMPLETED BY ALL FOREIGN SUIDWES SHAREHOLDERS WHO RETURN THIS FORM Name of authorised dealer: Address: Account number: PART 3 – SECTION FOR COMPLETION BY PREFERENCE SHAREHOLDER SCHEME PARTICIPANTS Full name of Suidwes Preference Postal address: Shareholder: ID/Registration number: Telephone number: Signature of Suidwes Preference Shareholder Cell phone number: Email: Date: Bank particulars: Name of bank: Account holder: Branch code: Account number: IMPORTANT Completed Form of Election should be delivered in the envelope provided so as to be received by not later than 12:00 on the Scheme Consideration Record Date which is expected to be within 30 days after fulfilment of the last of the Conditions Precedent or such other date and time as the Offerors may direct in writing and on the basis that the Offerors will notify Suidwes Shareholders in writing once the Conditions Precedent have been fulfilled. More specifically, delivery should be as follows: • by hand: at 1 Charel de Klerk Street, Klerksdorp, North West Province, South Africa; • via registered post: PO Box 31, Klerksdorp, 2570, North West Province, South Africa; • via fax: +27 86 673 3041; or • via email: [email protected] or [email protected] ; or • Form of Elections may also be provided to the Suidwes Company Secretary: Derek Linde at +27 18 581 1000 or [email protected] , who shall provide these Forms of Elections to the Offerors before 12:00 on the Scheme Consideration Record Date. 103

Annexure A APPLICATION FORM TO TAKE UP SENWESBEL SHARES FOR CONSIDERATION BY THE SENWESBEL BOARD AND/OR THE APPROPRIATE DELEGATED BOARD COMMITTEE OF SENWESBEL AS REQUIRED IN TERMS OF CLAUSE 40.1 OF THE SENWESBEL MOI 1. The MOI of Senwesbel stipulates the requirements with which a shareholder has to comply (irrespective of whether the person is an existing shareholder) in order to be registered as a shareholder in the share register of Senwesbel. 2. Only so-called “qualifying persons” may subscribe for or take transfer of Senwesbel Shares. A Qualifying Person must practice bona fide farming as main occupation and most important business activity or source of income and such application to take up shares must be approved by the board and/or the appropriately delegated board committee of Senwesbel. 1. Full name of applicant (individual, company, close corporation, partnership or a trust): ...................................................................................................................................... (Full first names must be provided in the case of an individual) 2. Postal address:.................................................................................................................. ...................................................................................................Postal code: ................... 3. Telephone no.: ........................................ Cell phone no.: .......................................... Email address:............................................................................................................... 4. ID/Registration no.: Particulars of applicant's farming activities: 4.1 Is farming your main business activity? YES NO 4.2 Is farming your main source of income? YES NO 4.3 Do you practice any other occupation or profession? YES NO If \"yes\", indicate the nature thereof .................…………………………................................................................................ 4.4 Particulars of applicant's income: 4.4.1 Estimated annual income from farming activities R ...................................... (In words: .........................................................................................................................) 4.4.2 Estimated annual income from non-farming activities or other occupation: R .......................... (In words: ..........................................................................................) 4.5 Indicate the name of the farm(s) and region where your farming activities take place ............................................................................................................................................. 5. Are you a registered taxpayer? YES NO 104

If \"Yes\" provide tax number: 6. Are you registered for VAT? YES NO If \"Yes\" provide your VAT number: ............................................................... The Applicant hereby certifies that he/she qualifies to take up shares in terms of the MOI of Senwesbel and that he/she understands the provisions of the MOI. The Applicant accepts all liability should the above transpire to be incorrect. The Applicant also certifies that the information contained herein as well as in the annexures hereto, is true and correct and hereby grants approval that any source of information regarding this application, may be investigated in full. Permission is hereby granted to each source to provide the information required to the company, including confidential information. SIGNED AT ......................................................... ON................ ................................. 2020 As witnesses: 1. ........................................................... ...................................................................... Signature of Applicant (or his proxy) 2. ..................................................................... Assisted / Co-signed by*: ........................................................... Relationship: ……………................................................…........... * Should the Applicant be a minor, he/she must be assisted by his/her father or legal guardian. * Should the Applicant be married in community of property, the application must be co- signed by his/her spouse. 105

Annexure 5: Report of the Independent Expert 106

(ii) have had any relationship contemplated in subparagraph (i) within the immediately preceding two years; or (iii) be related to a person who has or has had a relationship contemplated in subparagraph (i) or (ii).” 4. Section 114 (3) of the Companies Act requires further: “The person retained in terms of subsection (2) must prepare a report to the board, and cause it to be distributed to all holders of the company’s securities, concerning the proposed arrangement, which must, at a minimum— (a) state all prescribed information relevant to the value of the securities affected by the proposed arrangement; (b) identify every type and class of holders of the company’s securities affected by the proposed arrangement; (c) describe the material effects that the proposed arrangement will have on the rights and interests of the persons mentioned in paragraph (b); (d) evaluate any material adverse effects of the proposed arrangement against— (i) the compensation that any of those persons will receive in terms of that arrangement; and (ii) any reasonably probable beneficial and significant effect of that arrangement on the business and prospects of the company; (e) state any material interest of any director of the company or trustee for security holders; (f) state the effect of the proposed arrangement on the interest and person contemplated in paragraph (e); and (g) include a copy of sections 115 and 164.” Procedures 5. The procedures that I followed included, but were not limited to, the following:  Discussions concerning the history of Senwesbel, Senwes and Suidwes with management of the entities; and  Discussions with management to obtain an explanation and clarification of data provided.  Review of the audited but unsigned annual financial statements of Suidwes for the year ended 30 April 2019;  Review of the audited annual financial statements of Senwes and Senwesbel for the year ended 30 April 2019;  Review of the forecast financial information for both Suidwes and Senwes. Information provided to me 6. In the course of my analysis, I relied upon financial and other information, including prospective financial information, obtained from the Company, its advisers and various public, financial, and industry sources. My conclusion is dependent on such information being complete and accurate in all material respects. The principal sources of information used in performing my valuation include:  Joint announcement of the firm intention to make an offer released by the boards of Suidwes, Senwes and Senwesbel on 27 February 2020;  A copy of the Implementation Agreement signed between 25 and 27 February 2020 and a subsequent addendum signed on 1 April 2020;  A copy of the latest draft offer circular to Suidwes Shareholders of which this report will form part;  Information and assumptions made available by and from discussions held with the management of Suidwes and Senwes;  Audited annual financial statements of Suidwes for the year ended 30 April 2019; (2)

 The unaudited management accounts of Suidwes and its subsidiaries for the 9 months ended 31 January 2020;  Forecasts for Suidwes for the period ended 30 April 2020 to 30 April 2022;  Audited annual financial statements of Senwes and Senwesbel for the year ended 30 April 2019;  The unaudited interim results of Senwes and Senwesbel for the 6 months ended 31 October 2019;  Forecasts for Senwes and its subsidiaries for the period ended 30 April 2020 to 30 April 2023; and  A copy of the Independent Expert Opinion is by Mazars Corporate Finance (Pty) Ltd on 12 March 2019 on the proposed offer from Senwes and Senwesbel to acquire shares in KLK Landbou Limited (“the Mazars Fair and Reasonable report”). Report in terms of Section 114 (3) 7. Section 114 (3) (a) All prescribed information relevant to the value of the securities affected by the proposed arrangement – The Companies Act does not provide what the prescribed information relevant to the value of the securities affected by the proposed arrangement is. The information provide below is therefore my own interpretation of what could be relevant for Suidwes Shareholders. Unless otherwise indicated, the valuation date for the valuations performed was 31 December 2019, being the last practical date. Events subsequent to that date were not taken into account. Trading prices The shares of Senwes (“the Senwes Shares”) and the Senwesbel Shares are listed on the ZAR X. The price of the Senwesbel shares was between R3.70 and R5.50 over the previous 52 weeks and the last traded price at 31 December 2019 was R4.35. The current trading price is R4.75. The Suidwes Ordinary Shares are not listed on any exchange but the latest trade was at R2.10 per share. Due to the small trading volumes, the above trading prices are not necessarily an indication of the market value of the shares. Discounted Cash Flow valuations I have performed high level Discounted Cash Flow (“DCF”) valuations of the Senwes Shares, being the only asset of Senwesbel, and of the Suidwes Shares as at 31 December 2019. A key assumption for these DCF valuations was financial projections prepared by the management of the Senwes and Suidwes. Projections relate to future events and are based on assumptions which may not remain valid for the whole of the relevant period. Consequently this information cannot be relied upon to the same extent as that derived from audited accounts for completed accounting periods. I express no opinion as to how closely the actual results will correspond to those projected by management. Other important considerations in the DCF valuation were:  The Senwesbel Shares, although trading on the ZAR X, may only be held by Qualifying persons being a natural or juristic person that conducts bona fide farming as its main business activity or main source of income and an heir of such a Qualifying Person; (3)

 The Suidwes Ordinary Shares are not traded on any recognised exchange;  The South African Government bond yields and interest rates as at 31 December 2019;  Premiums and discounts applied in calculation of the discount rate to be used in the DCF valuation and for lack of marketability and minority interests based on research by PwC1;  Research by Prof. Aswath Damodaran regarding betas of international companies in the farming and agriculture sector2; Based on the value of the Senwes Shares on a marketable, controlling basis as indicated by the DCF valuation, the value of a Senwesbel Share is approximately R7.10 per share as at 31 December 2019 after taking into account a minority discount of 17.5% and a discount for lack of marketability of 15% due to the requirement that Senwesbel Shares may only be held by Qualifying persons as explained above. The implied Price/Earnings ratio based on these values and the normalised headline earnings per share for the year to 30 April 2019 is approximately 5.0. The value of a Suidwes Ordinary Share is approximately R0.73 per share as at 31 December 2019 based on the DCF valuation after taking into account a minority discount of 17.5% and a discount for lack of marketability of 15%. Net Asset values The net asset value at book value according to the latest audited but unsigned financial statements of Suidwes as at 30 April 2019 is R2.88 per Suidwes Ordinary Share and R1.30 excluding intangible assets and a deferred tax asset after deducting the same discounts for lack of marketability and minority interest that was deducted in the DCF valuation. The net asset value of the Senwesbel Shares according to the unaudited consolidated statement of financial position as at 31 October 2019 is R5.58 per share after deducting the same discounts for lack of marketability and minority interest that was used in the DCF valuation based on the historical book value of the Senwes Shares and R7.75 per Senwesbel Share based on the net asset value at book value of the Senwes Shares on that date. No external valuations of the individual assets of Suidwes and Senwes are available in order to recalculate the net asset value on that basis. Preference shares The Suidwes Preference Shares have a 0% coupon and are repayable at various future dates at R5.00 per share. I calculated the values of the Preference shares with reference to the dividend yield of listed preference shares as 31 December 2019 adjusted with a discount for lack of marketability of 25%. The indicated market value of the Suidwes Preference shares on that basis range from R1.07 to R1.85 per share depending on the maturity date. 8. Section 114 (3) (b) Every type and class of holders of the company’s securities affected by the proposed arrangement – I have been informed that Suidwes has 6,348,744 A ordinary shares, 53,291,256 B ordinary shares (collectively referred to as the Suidwes Ordinary Shares) and 10,423,913 Preference shares (referred to as the Suidwes Preference Shares) in issue. 1 Closing the value gap - Valuation Methodology Survey 2016/2017 by PwC, 8th Edition 2 http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html (4)

9. Section 114 (3) (c) The material effects that the proposed arrangement will have on the rights and interests of the persons mentioned in paragraph 8 – The effect of the Scheme is that if accepted and subject to the election made by the Suidwes shareholders, Suidwes shareholders will receive cash in the amount of R1.30 per Suidwes Ordinary Share or one Senwesbel Share for every three Suidwes Ordinary Shares and varying amounts per Suidwes Preference Share. Suidwes Shareholders electing to receive the Senwesbel Shares will become shareholders of Senwesbel. 10. Section 114 (3) (d) Any material adverse effects of the proposed arrangement against— (i) the compensation that any of those persons will receive in terms of that arrangement; and (ii) any reasonably probable beneficial and significant effect of that arrangement on the business and prospects of the company The compensation received by Suidwes Shareholders will either be cash of R1.30 per Suidwes Ordinary Share or one Senwesbel Share for every three Suidwes Ordinary Shares held. As described above, the indicated value of a Suidwes Ordinary Share and Senwesbel Ordinary share is as follows: Valuation basis Suidwes Senwesbel Ratio of Senwesbel Ordinary share share to Suidwes Share Ordinary share Trading price R2.10 R4.35 2.07 DCF R0.73 R7.10 9.78 Net Asset Value -Including intangible assets R2.88 R7.75 2.69 and deferred tax asset -Excluding intangible assets R1.30 R7.75 5.95 and deferred tax asset The cash consideration offered for the Suidwes Preference Shares range from R1.08 to R1.76 per share whilst the indicated market values of these shares range from R1.07 to R1.85 per share. The Scheme being a transaction with Suidwes Shareholders should have no direct beneficial and significant effect on the business and prospects of Suidwes. The indirect effects will depend on various factors such as the level of financial support from Senwes, the synergies that may be unlocked by the merger of the business of Senwes and Suidwes, the level of integration of the business operations, etc. which cannot be quantified at this stage. 11. Section 114 (3) (e) Any material interest of any director of the company or trustee for security holders – I have been informed that the directors of Suidwes have the following direct and indirect interest in the Suidwes Shares: Director Number of Number of Number of Number of Suidwes Suidwes Suidwes Suidwes HD van Schalkwyk Ordinary Ordinary GT Geldenhuys Preference Preference Shares held - Shares held - Shares held - Shares held - Direct Indirect 5,298 - Direct Indirect - 17,128 - - - - (5)

FE Marx 54,433 235,806 11,243 2,892 JJ Viljoen 6,074 1,261,042 - 52,112 PF Delport GL Malherbe 50,588 - 46,687 - PA Roux 75,660 176,866 26,623 65,854 A Botha 48,930 13,997 D Bester 15,576 - - GJ Pretorius - - - - - - - - - - - 12. Section 114 (3) (f) The effect of the proposed arrangement on the interest and person contemplated in paragraph 11 – The Scheme will have the same effect on the interest of the person contemplated in paragraph 11 than on any other Suidwes shareholder. 13. Section 114 (3) (g) - I attach a copy of sections 115 and 164 Limiting conditions 14. The views expressed in this report have been based on information obtained from various sources and are therefore subject to the accuracy and completeness of such information and that no information that may be important has been withheld from me. 15. This letter and opinion is provided solely for the benefit of the Suidwes Board for the sole purpose of assisting the Suidwes Board in forming and expressing an opinion for the benefit of the Suidwes shareholders and should not be relied upon for any other purpose. 16. Each shareholder’s individual decision may be influenced by such shareholder’s particular circumstances. My report does not purport to cater for each shareholder’s circumstances, but rather the general body of shareholders taken as a whole. Should a shareholder be in any doubt as to what action to take, he or she should consult an independent advisor. Impact of Covid-19 17. The potential impact of the outbreak of the Covid-19 disease on the economy, the results of Senwes and Suidwes and on equity markets have not been taken into account in the above calculations due to the uncertainties regarding the potential long-term impact thereof. Yours sincerely (6)

115. Required approval for transactions contemplated in Part.—(1) Despite section 65, and any provision of a company’s Memorandum of Incorporation, or any resolution adopted by its board or holders of its securities, to the contrary, a company may not dispose of, or give effect to an agreement or series of agreements to dispose of, all or the greater part of its assets or undertaking, implement an amalgamation or a merger, or implement a scheme of arrangement, unless— (a) the disposal, amalgamation or merger, or scheme of arrangement— (i) has been approved in terms of this section; or (ii) is pursuant to or contemplated in an approved business rescue plan for that company, in terms of Chapter 6; and (b) to the extent that Parts B and C of this Chapter, and the Takeover Regulations, apply to a company that proposes to— (i) dispose of all or the greater part of its assets or undertaking; (ii) amalgamate or merge with another company; or (iii) implement a scheme of arrangement, the Panel has issued a compliance certificate in respect of the transaction, in terms of section 119 (4) (b), or exempted the transaction in terms of section 119 (6). (2) A proposed transaction contemplated in subsection (1) must be approved — (a) by a special resolution adopted by persons entitled to exercise voting rights on such a matter, at a meeting called for that purpose and at which sufficient persons are present to exercise, in aggregate, at least 25% of all of the voting rights that are entitled to be exercised on that matter, or any higher percentage as may be required by the company’s Memorandum of Incorporation, as contemplated in section 64 (2); and (b) by a special resolution, also adopted in the manner required by paragraph (a), by the shareholders of the company’s holding company if any, if— (i) the holding company is a company or an external company; (ii) the proposed transaction concerns a disposal of all or the greater part of the assets or undertaking of the subsidiary; and (iii) having regard to the consolidated financial statements of the holding company, the disposal by the subsidiary constitutes a disposal of all or the greater part of the assets or undertaking of the holding company; and (c) by the court, to the extent required in the circumstances and manner contemplated in subsections (3) to (6). (3) Despite a resolution having been adopted as contemplated in subsections (2) (a) and (b), a company may not proceed to implement that resolution without the approval of a court if— (a) the resolution was opposed by at least 15% of the voting rights that were exercised on that resolution and, within five business days after the vote, any person who voted against the resolution requires the company to seek court approval; or (b) the court, on an application within 10 business days after the vote by any person who voted against the resolution, grants that person leave, in terms of subsection (6), to apply to a court for a review of the transaction in accordance with subsection (7). (4) For the purposes of subsections (2) and (3), any voting rights controlled by an acquiring party, a person related to an acquiring party, or a person acting in concert with either of them, must not be included in calculating the percentage of voting rights— (a) required to be present, or actually present, in determining whether the applicable quorum requirements are satisfied; or (b) required to be voted in support of a resolution, or actually voted in support of the resolution. (4A) In subsection (4), “act in concert” has the meaning set out in section 117 (1) (b). (5) If a resolution requires approval by a court as contemplated in terms of subsection (3) (a), the company must either— (a) within 10 business days after the vote, apply to the court for approval, and bear the costs of that application; or (b) treat the resolution as a nullity. (6) On an application contemplated in subsection (3) (b), the court may grant leave only if it is satisfied that the applicant— (a) is acting in good faith; (b) appears prepared and able to sustain the proceedings; and (c) has alleged facts which, if proved, would support an order in terms of subsection (7). (7) On reviewing a resolution that is the subject of an application in terms of subsection (5) (a), or after granting leave in terms of subsection (6), the court may set aside the resolution only if— (a) the resolution is manifestly unfair to any class of holders of the company’s securities; or (b) the vote was materially tainted by conflict of interest, inadequate disclosure, failure to comply with the Act, the Memorandum of Incorporation or any applicable rules of the company, or other significant and material procedural irregularity. (8) The holder of any voting rights in a company is entitled to seek relief in terms of section 164 if that person— (a) notified the company in advance of the intention to oppose a special resolution contemplated in this section; and (b) was present at the meeting and voted against that special resolution. (9) If a transaction contemplated in this Part has been approved, any person to whom assets are, or an undertaking is, to be transferred, may apply to a court for an order to effect— (a) the transfer of the whole or any part of the undertaking, assets and liabilities of a company contemplated in that transaction; (b) the allotment and appropriation of any shares or similar interests to be allotted or appropriated as a consequence of the transaction; (7)

(c) the transfer of shares from one person to another; (d) the dissolution, without winding-up, of a company, as contemplated in the transaction; (e) incidental, consequential and supplemental matters that are necessary for the effectiveness and completion of the transaction; or (f) any other relief that may be necessary or appropriate to give effect to, and properly implement, the amalgamation or merger. 164. Dissenting shareholders appraisal rights.—(1) This section does not apply in any circumstances relating to a transaction, agreement or offer pursuant to a business rescue plan that was approved by shareholders of a company, in terms of section 152. (2) If a company has given notice to shareholders of a meeting to consider adopting a resolution to— (a) amend its Memorandum of Incorporation by altering the preferences, rights, limitations or other terms of any class of its shares in any manner materially adverse to the rights or interests of holders of that class of shares, as contemplated in section 37 (8); or (b) enter into a transaction contemplated in section 112, 113, or 114, that notice must include a statement informing shareholders of their rights under this section. (3) At any time before a resolution referred to in subsection (2) is to be voted on, a dissenting shareholder may give the company a written notice objecting to the resolution. (4) Within 10 business days after a company has adopted a resolution contemplated in this section, the company must send a notice that the resolution has been adopted to each shareholder who— (a) gave the company a written notice of objection in terms of subsection (3); and (b) has neither— (i) withdrawn that notice; or (ii) voted in support of the resolution. (5) A shareholder may demand that the company pay the shareholder the fair value for all of the shares of the company held by that person if— (a) the shareholder— (i) sent the company a notice of objection, subject to subsection (6); and (ii) in the case of an amendment to the company’s Memorandum of Incorporation, holds shares of a class that is materially and adversely affected by the amendment; (b) the company has adopted the resolution contemplated in subsection (2); and (c) the shareholder— (i) voted against that resolution; and (ii) has complied with all of the procedural requirements of this section. (6) The requirement of subsection (5) (a) (i) does not apply if the company failed to give notice of the meeting, or failed to include in that notice a statement of the shareholders rights under this section. (7) A shareholder who satisfies the requirements of subsection (5) may make a demand contemplated in that subsection by delivering a written notice to the company within— (a) 20 business days after receiving a notice under subsection (4); or (b) if the shareholder does not receive a notice under subsection (4), within 20 business days after learning that the resolution has been adopted. (8) A demand delivered in terms of subsections (5) to (7) must also be delivered to the Panel, and must state— (a) the shareholder’s name and address; (b) the number and class of shares in respect of which the shareholder seeks payment; and (c) a demand for payment of the fair value of those shares. (9) A shareholder who has sent a demand in terms of subsections (5) to (8) has no further rights in respect of those shares, other than to be paid their fair value, unless— (a) the shareholder withdraws that demand before the company makes an offer under subsection (11), or allows an offer made by the company to lapse, as contemplated in subsection (12) (b); (b) the company fails to make an offer in accordance with subsection (11) and the shareholder withdraws the demand; or (c) the company, by a subsequent special resolution, revokes the adopted resolution that gave rise to the shareholder’s rights under this section. (10) If any of the events contemplated in subsection (9) occur, all of the shareholder’s rights in respect of the shares are reinstated without interruption. (11) Within five business days after the later of— (a) the day on which the action approved by the resolution is effective; (b) the last day for the receipt of demands in terms of subsection (7) (a); or (c) the day the company received a demand as contemplated in subsection (7) (b), if applicable, the company must send to each shareholder who has sent such a demand a written offer to pay an amount considered by the company’s directors to be the fair value of the relevant shares, subject to subsection (16), accompanied by a statement showing how that value was determined. (12) Every offer made under subsection (11)— (a) in respect of shares of the same class or series must be on the same terms; and (b) lapses if it has not been accepted within 30 business days after it was made. (13) If a shareholder accepts an offer made under subsection (12)— (a) the shareholder must either in the case of— (i) shares evidenced by certificates, tender the relevant share certificates to the company or the company’s transfer agent; or (ii) uncertificated shares, take the steps required in terms of section 53 to direct the transfer of those shares to the company or the company’s transfer agent; and (b) the company must pay that shareholder the agreed amount within 10 business days after the shareholder accepted the offer and— (8)

(i) tendered the share certificates; or (ii) directed the transfer to the company of uncertificated shares. (14) A shareholder who has made a demand in terms of subsections (5) to (8) may apply to a court to determine a fair value in respect of the shares that were the subject of that demand, and an order requiring the company to pay the shareholder the fair value so determined, if the company has— (a) failed to make an offer under subsection (11); or (b) made an offer that the shareholder considers to be inadequate, and that offer has not lapsed. (15) On an application to the court under subsection (14)— (a) all dissenting shareholders who have not accepted an offer from the company as at the date of the application must be joined as parties and are bound by the decision of the court; (b) the company must notify each affected dissenting shareholder of the date, place and consequences of the application and of their right to participate in the court proceedings; and (c) the court— (i) may determine whether any other person is a dissenting shareholder who should be joined as a party; (ii) must determine a fair value in respect of the shares of all dissenting shareholders, subject to subsection (16); (iii) in its discretion may— (aa) appoint one or more appraisers to assist it in determining the fair value in respect of the shares; or (bb) allow a reasonable rate of interest on the amount payable to each dissenting shareholder from the date the action approved by the resolution is effective, until the date of payment; (iv) may make an appropriate order of costs, having regard to any offer made by the company, and the final determination of the fair value by the court; and (v) must make an order requiring— (aa) the dissenting shareholders to either withdraw their respective demands or to comply with subsection (13) (a); and (bb) the company to pay the fair value in respect of their shares to each dissenting shareholder who complies with subsection (13) (a), subject to any conditions the court considers necessary to ensure that the company fulfils its obligations under this section. (15A) At any time before the court has made an order contemplated in subsection (15) (c) (v), a dissenting shareholder may accept the offer made by the company in terms of subsection (11), in which case— (a) that shareholder must comply with the requirements of subsection 13 (a); and (b) the company must comply with the requirements of subsection 13 (b). (16) The fair value in respect of any shares must be determined as at the date on which, and time immediately before, the company adopted the resolution that gave rise to a shareholder’s rights under this section. (17) If there are reasonable grounds to believe that compliance by a company with subsection (13) (b), or with a court order in terms of subsection (15) (c) (v) (bb), would result in the company being unable to pays its debts as they fall due and payable for the ensuing 12 months— (a) the company may apply to a court for an order varying the company’s obligations in terms of the relevant subsection; and (b) the court may make an order that— (i) is just and equitable, having regard to the financial circumstances of the company; and (ii) ensures that the person to whom the company owes money in terms of this section is paid at the earliest possible date compatible with the company satisfying its other financial obligations as they fall due and payable. (18) If the resolution that gave rise to a shareholder’s rights under this section authorised the company to amalgamate or merge with one or more other companies, such that the company whose shares are the subject of a demand in terms of this section has ceased to exist, the obligations of that company under this section are obligations of the successor to that company resulting from the amalgamation or merger. (19) For greater certainty, the making of a demand, tendering of shares and payment by a company to a shareholder in terms of this section do not constitute a distribution by the company, or an acquisition of its shares by the company within the meaning of section 48, and therefore are not subject to— (a) the provisions of that section; or (b) the application by the company of the solvency and liquidity test set out in section 4. (20) Except to the extent— (a) expressly provided in this section; or (b) that the Panel rules otherwise in a particular case, a payment by a company to a shareholder in terms of this section does not obligate any person to make a comparable offer under section 125 to any other person. (9)

Annexure 6: Summary of sections 115 and 164 of the Companies Act 1 Section 115 of the Companies Act, 61 of 2008 (\"the Companies Act\") – Required approval for transactions contemplated in Part A 1.1 In terms of section 115(1) of the Companies Act, despite section 65 of the Companies Act, and any provision of a company’s memorandum of incorporation of the company, or any resolution adopted by its board or holders of its securities, to the contrary, a company may not dispose of, or give effect to an agreement or series of agreements to dispose of, all or the greater part of its assets or undertaking, implement an amalgamation or a merger, or implement a scheme of arrangement, unless: (a) the disposal, amalgamation or merger, or scheme of arrangement: (i) has been approved in terms of section 115 of the Companies Act; or (ii) is pursuant to or contemplated in an approved business rescue plan for that company, in terms of Chapter 6 of the Companies Act; and (b) to the extent that Parts B and C of Chapter 5 of the Companies Act and the Takeover Regulations apply to a company that proposes to: (i) dispose of all or the greater part of the assets or undertaking; (ii) amalgamate or merge with another company; or (iii) implement a scheme of arrangement, the Takeover Regulations Panel, established by section 196 of the Companies Act has issued a compliance notice in respect of the transaction in terms of section 119(4)(b) of the Companies Act, or exempted the transaction in terms of section 119(6) of the Companies Act. 1.2 A proposed transaction contemplated in section 115(1) of the Companies Act must be approved: (a) by a special resolution adopted by persons entitled to exercise voting rights on such a matter, at a meeting called for that purpose and at which sufficient persons are present to exercise, in aggregate, at least 25% (twenty five percent) of all of the voting rights that are entitled to be exercised on that matter; and (b) by a special resolution, also adopted in the manner required by section 115(2)(a) of the Companies Act, by the shareholders of the company’s holding company if any, if: (iv) the holding company is a company or an external company; (v) the proposed transaction concerns a disposal of all or the greater part of the assets or undertaking of the subsidiary; and (vi) having regard to the consolidated financial statements of the holding company, the disposal by the subsidiary substantially constitutes a disposal of all or the greater part of the assets or undertaking of the holding company; and (c) by the court, to the extent required in the circumstances and manner contemplated in sections 115(3) to 115(6) of the Companies Act. 1.3 Despite a resolution having been adopted as contemplated in sections 115(2)(a) and 115(2)(b) of the Companies Act, a company may not proceed to implement that resolution without the approval of a court if: 107

(a) the resolution was opposed by at least 15% (fifteen percent) of the voting rights that were exercised on that resolution, and any person who voted against the resolution requires the company to seek court approval; or (b) the court, on an application by any person who voted against the resolution, grants that person leave, in terms of section 115(6) of the Companies Act, to apply to a court for a review of the transaction in accordance with section 115(7) of the Companies Act. 1.4 For the purposes of sections 115(2) and 115(3) of the Companies Act, any voting rights controlled by an acquiring party, a person related to an acquiring party, or a person acting in concert with either of them, must not be included in calculating the percentage of voting rights: (a) present in satisfaction of the quorum requirement; or (b) voted in support of a resolution. In section 115(4) of the Companies Act (to which this paragraph 1.4 refers), ‘act in concert’ has the meaning set out in section 117(1)(b) of the Companies Act. 1.5 If a resolution requires approval by a court as contemplated in terms of section 115(3)(a) of the Companies Act, the company must either (a) apply to the court for approval, and bear the costs of that application; or (b) treat the resolution as a nullity. 1.6 On an application contemplated in section 115(3)(b) of the Companies Act, the court may grant leave only if it is satisfied that the applicant: (a) is acting in good faith; (b) appears prepared and able to sustain the proceedings; and (c) has alleged facts which, if proved, would support an order in terms of section 115(7) of the Companies Act. 1.7 On reviewing a resolution that is the subject of an application in terms of section 115(5)(a) of the Companies Act, or after granting leave in terms of section 115(6) of the Companies Act, the court may set aside the resolution only if: (a) the resolution is manifestly unfair to any class of holders of the company’s securities; or (b) the vote was materially tainted by conflict of interest, inadequate disclosure, failure to comply with the Companies Act, the memorandum of incorporation of the company or any applicable rules of the company, or other significant and material procedural irregularity. 1.8 The holder of any voting rights in a company is entitled to seek relief in terms of section 164 of the Companies Act if that person: (a) notified the company in advance of the intention to oppose a special resolution contemplated in section 115 of the Companies Act; and (b) was present at the meeting and voted against that special resolution. 1.9 If a transaction contemplated in Part A of Chapter 5 of the Companies Act (namely: a disposal of all or the greater part of the assets or undertaking of a company, an amalgamation or merger in terms of section 113 of the Companies Act or a scheme of arrangement) has been approved, any person to whom assets are, or an undertaking is, to be transferred, may apply to a court for an order to effect: 108

(a) the transfer of the whole or any part of the undertaking, assets and liabilities of a company contemplated in that transaction; (b) the allotment and appropriation of any shares or similar interests to be allotted or appropriated as a consequence of the transaction; (c) the transfer of shares from one person to another; (d) the dissolution, without winding-up, of a company, as contemplated in the transaction; (e) incidental, consequential and supplemental matters that are necessary for the effectiveness and completion of the transaction; or (f) any other relief that may be necessary or appropriate to give effect to, and properly implement, the amalgamation or merger. 2 Section 164 of the Companies Act – Dissenting shareholders appraisal rights 2.1 In terms of section 164(1) of the Companies Act section 164 of the Companies Act does not apply in any circumstances relating to a transaction, agreement or offer pursuant to a business rescue plan that was approved by shareholders of a company, in terms of section 152 Companies Act. 2.2 In terms of section 164(2) of the Companies Act if a company has given notice to shareholders of a meeting to consider adopting a resolution to: (a) amend its memorandum of incorporation by altering the preferences, rights, limitations or other terms of any class of its shares in any manner materially adverse to the rights or interests of holders of that class of shares, as contemplated in section 37(8) Companies Act; or (b) enter into a transaction contemplated in sections 112, 113, or 114 of the Companies Act, that notice must include a statement informing shareholders of their rights under section 164 of the Companies Act. 2.3 In terms of section 164(3) of the Companies Act, at any time before a resolution referred to in section 164(2) of the Companies Act is to be voted on, a dissenting shareholder may give the Company a written notice objecting to the resolution. 2.4 In terms of section 164(4) of the Companies Act, within 10 (ten) business days after the Company has adopted a resolution contemplated in section 164 of the Companies Act, the Company must send a notice that the resolution has been adopted to each shareholder who: (a) gave the Company a written notice of objection in terms of section 164(3) of the Companies Act; and (b) has neither withdrawn that notice, nor voted in support of the resolution. 2.5 In terms of section 164(5) of the Companies Act a shareholder may demand that the Company pay the shareholder the fair value for all of the shares of the Company held by that shareholder if: (a) the shareholder: (i) subject to section 164(6) of the Companies Act, sent the Company a notice of objection in terms of section 164(3) of the Companies Act; 109

(ii) in the case of an amendment to the company’s memorandum of incorporation of the Company, holds shares of a class that is materially and adversely affected by the amendment; (b) the Company has adopted the resolution contemplated in section 164(2) of the Companies Act; and (c) the shareholder voted against that resolution and has complied with all of the procedural requirements of section 164 of the Companies Act. 2.6 In terms of section 164(6) of the Companies Act the requirement of section 164(5)(a)(i) of the Companies Act (the content of which is set out in 2.5(a)(i) above) namely that the shareholder has sent the Company a notice of objection to the resolution does not apply if the company failed to give notice of the meeting, or failed to include in that notice a statement of the shareholder’s rights under section 164 of the Companies Act. 2.7 In terms of section 164(7) of the Companies Act a shareholder who satisfies the requirements of section 164(5) of the Companies Act may make a demand contemplated in that subsection by delivering a written notice to the Company within: (a) 20 (twenty) business days after receiving a notice under section 164(4) of the Companies Act (section 164(7)(a) of the Companies Act); or (b) if the shareholder does not receive a notice under section 164(4) of the Companies Act, within 20 (twenty) business days after learning that the resolution has been adopted (section 164(7)(b) of the Companies Act). 2.8 In terms of section 164(8) of the Companies Act a demand delivered in terms of sections 164(5) to 164(7) of the Companies Act must also be delivered to the Takeover Regulation Panel, established by section 196 of the Companies Act, and must state: (a) the shareholder’s name and address; (b) the number and class of shares in respect of which the shareholder seeks payment; and (c) a demand for payment of the fair value of those shares. 2.9 In terms of section 164(9) of the Companies Act a shareholder who has sent a demand in terms of sections 164(5) to 164(8) of the Companies Act has no further rights in respect of those shares, other than to be paid their fair value, unless: (a) the shareholder withdraws that demand before the company makes an offer under section 164(11) of the Companies Act, or allows an offer made by the company to lapse, as contemplated in section 164(12)(b) of the Companies Act; or (b) the company fails to make an offer in accordance with section 164(11) of the Companies Act and the shareholder withdraws the demand; or (c) the company, by subsequent special resolution, revokes the adopted resolution that gave rise to the shareholder’s rights under section 164 of the Companies Act. 2.10 In terms of section 164(10) of the Companies Act if any of the events contemplated in section 164(9) of the Companies Act occur all of the shareholder’s rights in respect of the shares are reinstated without interruption. 2.11 In terms of section 164(11) of the Companies Act within 5 (five) business days after the later of: (a) the day on which the action approved by the resolution is effective; (b) the last day for the receipt of demands in terms of section 164(7)(a) of the Companies Act; or 110

(c) the day the company received a demand as contemplated in section 164(7)(b) of the Companies Act (the content of which is set out in 2.7(b) above), if applicable, the company must send to each shareholder who has sent such a demand a written offer to pay an amount considered by the company’s directors to be the fair value of the relevant shares, subject to section 164(16) of the Companies Act, accompanied by a statement showing how that value was determined. 2.12 In terms of section 164(12) of the Companies Act every offer made under section 164(11) of the Companies Act: (a) in respect of shares of the same class or series must be on the same terms; and (b) lapses if it has not been accepted within 30 (thirty) business days after it was made. 2.13 In terms of section 164(13) of the Companies Act if a shareholder accepts an offer made under section 164(12) of the Companies Act: (a) the shareholder must either in the case of: (i) shares evidenced by certificates, tender the relevant share certificates to the company or the company’s transfer agent (section 164(13)(a)(i) of the Companies Act); or (ii) uncertificated shares, take the steps required in terms of section 53 of the Companies Act to direct the transfer of those shares to the company or the company’s transfer agent (section 164(13)(a)(ii) of the Companies Act); and (b) the company must, in terms of section 164(13)(b) of the Companies Act, pay that shareholder the agreed amount within 10 (ten) business days after the shareholder accepted the offer and: (i) tendered the share certificates; or (ii) directed the transfer to the company of uncertificated shares. 2.14 In terms of section 164(14) of the Companies Act a shareholder who has made a demand in terms of section 164(5) to 164(8) of the Companies Act may apply to a court to determine a fair value in respect of the shares that were the subject of that demand, and an order requiring the company to pay the shareholder the fair value so determined, if the company has: (a) failed to make an offer under section 164(11) of the Companies Act; or (b) made an offer that the shareholder considers to be inadequate, and that offer has not lapsed. 2.15 In terms of section 164(15) of the Companies Act on an application to the court under section 164(14) of the Companies Act: (a) all dissenting shareholders who have not accepted an offer from the company as at the date of the application must be joined as parties and are bound by the decision of the court; (b) the company must notify each affected dissenting shareholder of the date, place and consequences of the application and of their right to participate in the court proceedings; and (c) the court: (i) may determine whether any other person is a dissenting shareholder who should be joined as a party; 111

(ii) must determine a fair value in respect of the shares of all dissenting shareholders, subject to section 164(16) of the Companies Act; (iii) in its discretion may: (aa) appoint one or more appraisers to assist it in determining the fair value in respect of the shares; or (bb) allow a reasonable rate of interest on the amount payable to each dissenting shareholder from the date the action approved by the resolution is effective, until the date of payment; (i) may make an appropriate order of costs, having regard to any offer made by the Company, and the final determination of the fair value by the court; and (ii) must, in terms of section 164(15)(c)(v) of the Companies Act, make an order requiring: (aa) the dissenting shareholders to either withdraw their respective demands or to comply with section 164(13)(a) of the Companies Act (the content of which is set out in 2.13(a) above); and (bb) the company to pay the fair value in respect of their shares to each dissenting shareholder who complies with section 164(13)(a) of the Companies Act, subject to any conditions the court considers necessary to ensure that the company fulfils its obligations under section 164 of the Companies Act (section 164(15)(c)(v)(bb) of the Companies Act). 2.16 In terms of section 164(15A) of the Companies Act at any time before the court has made an order contemplated in section 164(15)(c)(v) of the Companies Act (the content of which is set out in 2.15(bb)(ii) above), a dissenting shareholder may accept the offer made by the company in terms of section 164(11) of the Companies Act, in which case: (a) that shareholder must comply with the requirements of section 164(13)(a) of the Companies Act; and (b) the company must comply with the requirements of section 164(13)(b) of the Companies Act (the content of which is set out in 2.13(b) above). 2.17 In terms of section 164(16) of the Companies Act the fair value in respect of any shares must be determined as at the date on which, and time immediately before, the company adopted the resolution that gave rise to a shareholder’s rights under section 164 of the Companies Act. 2.18 In terms of section 164(17) of the Companies Act if there are reasonable grounds to believe that compliance by a company with section 164(13)(b) of the Companies Act, or with a court order in terms of section (15)(c)(v)(bb) (the content of which is set out in (bb) above), would result in the company being unable to pays its debts as they fall due and payable for the ensuing 12 months: (a) the company may apply to a court for an order varying the company’s obligations in terms of the relevant subsection; and (b) the court may make an order that: (i) is just and equitable, having regard to the financial circumstances of the company; and (ii) ensures that the person to whom the company owes money in terms of section 164 of the Companies Act is paid at the earliest possible date compatible with the company satisfying its other financial obligations as they fall due and payable. 112

2.19 In terms of section 164(18) of the Companies Act if the resolution that gave rise to a shareholder’s rights under section 164 of the Companies Act authorised the company to amalgamate or merge with one or more other companies, such that the company whose shares are the subject of a demand in terms of section 164 of the Companies Act has ceased to exist, the obligations of that company under section 164 of the Companies Act are obligations of the successor to that company resulting from the amalgamation or merger. 2.20 In terms of section 164(19) of the Companies Act for greater certainty, the making of a demand, tendering of shares and payment by a company to a shareholder in terms of this section do not constitute a distribution by the company, or an acquisition of its shares by the company within the meaning of section 48 of the Companies Act, and therefore are not subject to: (a) the provisions of that section; or (b) the application by the company of the solvency and liquidity test set out in section 4 of the Companies Act. 2.21 In terms of section 164(20) of the Companies Act except to the extent: (a) expressly provided in section 164 of the Companies Act; or (b) the Takeover Regulations Panel, established by section 196 of the Companies Act, rules provide otherwise in a particular case, a payment by the company to a shareholder in terms of section 164 of the Companies Act does not obligate any person to make a comparable offer under section 125 of the Companies Act to any other person. 113

Annexure 7: Extract of clause 8 of the Implementation Agreement 1. Conditions to Completion of the Scheme 1.1 The implementation of the Scheme will be subject to the fulfilment, or waiver (in whole or in part), of the following Conditions (excluding the condition contemplated in clause 1.1(d) below) by not later than 17:00 on the 40th Business Day following the date of release of the Firm Intention Announcement (which, to the extent not satisfied or waived as at the time of the posting of the Circular shall be included in the Circular materially in the form set out below): (a) the approval of the Scheme and adoption of the Scheme Resolution by the requisite majority of Suidwes Shareholders, as contemplated in section 115(2) of the Companies Act, and: (i) to the extent required, the approval of the implementation of the Scheme Resolution by the court; and (ii) if applicable, Suidwes not treating the Scheme Resolution as a nullity, as contemplated in section 115(5)(b) of the Companies Act; (b) the approval of a resolution by Suidwes Shareholders to amend the memorandum of incorporation of Suidwes to remove certain restrictions in relation to transferability of its securities by the requisite majority of Suidwes Shareholders; (c) within 30 Business Days following the Scheme Meeting, Suidwes Shareholders exercise Appraisal Rights by giving valid demands in terms of section 164(7) of the Companies Act, in respect of no more than 10% of the Scheme Shares: Provided that, in the event that Suidwes Shareholders give notice objecting to the Scheme as contemplated in section 164(3) of the Companies Act and/or vote against the Scheme Resolution proposed at the Scheme Meeting in respect of no more than 5% of the Scheme Shares, this Condition shall be deemed to have been fulfilled at the time of the Scheme Meeting; and (d) the implementation of the Scheme will be subject to the fulfilment, or waiver (in whole or in part), of the regulatory condition that by not later than 17:00 on 30 August 2020 the receipt of the unconditional approval, by the Competition Authorities, to the extent that any such approval is subject to conditions, such conditions being satisfactory to both Parties (acting reasonably). 1.2 The Conditions in Clause 1.1 are of a regulatory nature and cannot be waived by the Parties. 1.3 The Parties may, collectively but not individually (notwithstanding the fact that some of these Conditions may have been stipulated for the benefit of only one Party), by agreement in writing, extend the date/s for the fulfilment of any one or more of the Conditions in Clause 1.1. 114

Annexure 8: Suidwes Integrated Annual Report Available on www.suidwes.co.za 115

Annexure 9: Proposed MOI MEMORANDUM OF INCORPORATION OF SUIDWES HOLDINGS (RING FENCED) PROPRIETARY LIMITED A PRIVATE COMPANY REGISTRATION NUMBER: REGISTRATION DATE: 116

TABLE OF CONTENTS 1. INTERPRETATION 2. INTRODUCTION 3. JURISTIC PERSONALITY 4. LIMITATION OF LIABILITY 5. POWERS OF THE COMPANY 6. RESTRICTIVE CONDITIONS 7. SHARES 8. SECURITIES REGISTER 9. TRANSFER OF SECURITIES 10. COMPANY RULES 11. FINANCIAL ASSISTANCE 12. ACQUISITION BY THE COMPANY OF ITS OWN SHARES 13. SINGLE SHAREHOLDER'S AUTHORITY TO ACT 14. RECORD DATE FOR EXERCISE OF SHAREHOLDER RIGHTS 15. SHAREHOLDERS' MEETINGS 16. SHAREHOLDERS' MEETINGS BY ELECTRONIC COMMUNICATION 17. VOTES OF SHAREHOLDERS 18. PROXIES AND REPRESENTATIVES 19. SHAREHOLDERS ACTING OTHER THAN AT A MEETING 20. SHAREHOLDERS' RESOLUTIONS 21. COMPOSITION AND POWERS OF THE BOARD OF DIRECTORS 22. SINGLE DIRECTOR'S AUTHORITY TO ACT 23. DIRECTORS' MEETINGS 24. DIRECTOR'S COMPENSATION AND FINANCIAL ASSISTANCE 25. EXECUTIVE DIRECTORS 26. INDEMNIFICATION OF DIRECTORS 27. BORROWING POWERS 28. COMMITTEES OF THE BOARD 29. ANNUAL FINANCIAL STATEMENTS 30. COMPANY SECRETARY 31. DISTRIBUTIONS 32. ACCESS TO COMPANY RECORDS 33. NOTICES 34. LIQUIDATION 35. AMENDMENT OF MEMORANDUM OF INCORPORATION 36. CONVERSION OF SHARES 37. DEBT INSTRUMENTS 38. CAPITILISATION OF ASSETS AND CAPITALISATION OF SHARES 117

1. INTERPRETATION 1.1 In this Memorandum of Incorporation, unless the context clearly indicates a contrary intention, the following words and expressions bear the meanings assigned to them and cognate expressions bear corresponding meanings – 1.1.1 \"Act\" means the Companies Act, No. 71 of 2008, as amended, consolidated or re- enacted from time to time, and includes all Schedules to such Act and Regulations; 1.1.2 \"Board\" means the board of Directors from time to time of the Company or if there is only one Director, then that Director; 1.1.3 \"Commission\" means the Companies and Intellectual Property Commission established by Section 185; 1.1.4 \"Company\" means the company named on the front page of this document, duly incorporated under the registration number endorsed thereon; 1.1.5 \"Director\" means a member of the Board as contemplated in Section 66, or an alternate director, and includes any person occupying the position of a director or alternate director, by whatever name designated; 1.1.6 \"Electronic Communication\" has the meaning set out in Section 1 of the Electronic Communications and Transactions Act, No. 25 of 2002; 1.1.7 \"Financial Markets Act\" means the Financial Markets Act, No. 19 of 2012, including any amendment, consolidation or re-enactment thereof; 1.1.8 \"IFRS\" means the International Financial Reporting Standards, as adopted from time to time by the Board of the International Accounting Standards Committee, or its successor body, and approved for use in South Africa from time to time by the Financial Reporting Standards Council established in terms of Section 203; 1.1.9 \"Regulations\" means the regulations published in terms of the Act from time to time; 1.1.10 \"Republic\" means the Republic of South Africa; 1.1.11 \"Rules\" means any rules made in respect of the Company from time to time as contemplated in Sections 15(3) to 15(5) of the Act and clause 10 hereof; 1.1.12 \"Securities\" means any Shares, debentures or other instruments, irrespective of their form or title issued or authorised to be issued by the Company and Security shall mean any one of them as the context requires; 1.1.13 \"Securities Register\" means the register contemplated in Section 50(1) of the Act and referred to in clause 8 hereof; 1.1.14 \"Share\" means one of the units into which the proprietary interest in the Company is divided, and includes ordinary and preference shares; 1.1.15 \"Shareholder\" means the holder of a Share and who is entered as such in the Securities Register, subject to the provisions of Section 57; 1.1.16 \"Solvency and Liquidity Test\" has the meaning attributed thereto in Section 4 of the Act. 1.2 In this Memorandum of Incorporation, unless the context clearly indicates otherwise – 118

1.2.1 words and expressions defined in the Act and which are not defined herein shall have the meanings given to them in the Act; 1.2.2 a reference to a section by number refers to the corresponding section of the Act notwithstanding the renumbering of such section after the date on which the Company is incorporated; 1.2.3 in any instance where there is a conflict between a provision (be it expressed, implied or tacit) of this Memorandum of Incorporation and – 1.2.3.1 a provision of any shareholders agreement contemplated in Section 15(7), the provision of this Memorandum of Incorporation shall prevail to the extent of the conflict; 1.2.3.2 an alterable or elective provision of the Act, the provision of this Memorandum of Incorporation shall prevail to the extent of the conflict; and 1.2.3.3 an unalterable or non-elective provision of the Act, the unalterable or non-elective provision of the Act shall prevail to the extent of the conflict unless the Memorandum of Incorporation imposes on the Company a higher standard, greater restriction, longer period of time or similarly more onerous requirement, in which event the relevant provision of this Memorandum of Incorporation shall prevail to the extent of the conflict; 1.2.4 clause headings are for convenience only and are not to be used in its interpretation; 1.2.5 an expression which denotes – 1.2.5.1 any gender includes the other genders; 1.2.5.2 a natural person includes a juristic person and vice versa; and 1.2.5.2.1 the singular includes the plural and vice versa; 1.2.6 if the due date for performance of any obligation in terms of this Memorandum of Incorporation is a day which is not a business day then (unless otherwise stipulated), the due date for performance of the relevant obligation shall be the immediately succeeding business day; 1.2.7 any words or expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning assigned to such word or expression throughout the whole of this Memorandum of Incorporation; 1.2.8 any reference to a notice shall be construed as a reference to a written notice and shall include a notice which is transmitted electronically in a manner and form permitted in terms of the Act and/or the Regulations. 1.3 Any reference in this Memorandum of Incorporation to – 1.3.1 \"days\" shall be construed as calendar days unless qualified by the word \"business\", in which instance a \"business day\" will be any day other than a Saturday, Sunday or public holiday as gazetted by the Government of the Republic from time to time; 1.3.2 \"law\" means any law of general application and includes the common law and any statute, constitution, decree, treaty, regulation, directive, ordinance, by-law, order or any other enactment of legislative measure of Government (including local and provincial government) statutory or regulatory body which has the force of law and a reference to 119

any statutory enactment shall be construed as a reference to that enactment as amended or substituted from time to time; 1.3.3 \"writing\" means legible writing and in English, Afrikaans and/or in the discretion of the Board any other official language of South Africa, and includes printing, typewriting, 1.4 lithography or any other mechanical process, as well as any electronic communication in a manner and form permitted in terms of the Act and/or the Regulations 1.5 The words \"include\" and \"including\" mean \"include without limitation\" and \"including 1.6 without limitation\". The use of the words \"include\" and \"including\" followed by a specific example or examples shall not be construed as limiting the meaning of the general 1.7 wording preceding it. 1.8 2. Unless otherwise provided in this Memorandum of Incorporation or the Act, defined terms 2.1 appearing herein in title case shall be given their meaning as defined, while the same 2.1.1 terms appearing in lower case shall (except where defined in the Act) be interpreted in 2.1.2 accordance with their plain English meaning. 3. 3.1 Where a particular number of business days is provided for between the happening of one event and another, the number of days must be calculated by excluding the day on which 3.2 the first event occurs and including the day on which or by which the second event is to 3.2.1 occur. 3.2.2 Where figures are referred to in numerals and in words, and there is any conflict between 3.2.3 the two, the words shall prevail, unless the context indicates a contrary intention. Any reference herein to \"this Memorandum of Incorporation\" shall be construed as a reference to this Memorandum of Incorporation as amended from time to time. INTRODUCTION It is recorded that the Company is a private company as contemplated in Section 8(2)(b)(ii) of the Act, and as such the Company, in terms of this Memorandum of Incorporation – is prohibited from offering any of its Securities to the public; and has restrictions in respect of the transferability of its Securities. JURISTIC PERSONALITY The Company is a pre-existing company as defined in the Act and, as such, continues to exist as a private company as if it had been incorporated and registered in terms of the Act, as contemplated in item 2 of the Fifth Schedule to the Act, and this Memorandum of Incorporation replaced and supersedes the Memorandum and Articles of Association of the Company applicable immediately prior to the filing hereof. The Company is incorporated in accordance with and governed by – the unalterable provisions of the Act, subject only to such higher standards, greater restrictions, longer periods of time or similarly more onerous requirements as may be imposed on the Company by this Memorandum of Incorporation in relation to such unalterable provisions; the alterable provisions of the Act, subject to the limitations, extensions, variations or substitutions set out in this Memorandum of Incorporation; the other provisions of this Memorandum of Incorporation; and 120

3.2.4 its Rules, if any. 4. LIMITATION OF LIABILITY No person shall, solely by reason of being an incorporator, Shareholder or Director of the Company, be liable for any liabilities or obligations of the Company. 5. POWERS OF THE COMPANY 5.1 Subject to the provisions of clause 6 (to the extent applicable), the Company has all of the legal powers and capacity contemplated in the Act, and no provision contained in this Memorandum of Incorporation should be interpreted or construed as negating, limiting, or restricting those powers in any way whatsoever. 5.2 Except to the extent that clause 6 provides otherwise, the legal powers and capacity of the Company are not subject to any restrictions, limitations or qualifications, as contemplated in Section 19(1)(b)(ii) of the Act. 6. RESTRICTIVE CONDITIONS This Memorandum of Incorporation does not contain any restrictive conditions applicable to the Company as contemplated in Section 15(2)(b) or (c) of the Act. 7. SHARES 7.1 SHARE CAPITAL 7.1.1 The authorised share capital of the Company for all classes of shares shall not exceed 650,000,000 (six hundred and fifty million) shares. 7.1.2 As at the date of approval hereof, the authorised par value share capital of the Company comprises of 45,000,000 (forty five million) ordinary A par value shares and 105,000,000 (one hundred and five million) ordinary B par value shares divided into – 7.1.2.1 Issued par value shares as follows: o A-shares: 5,918,744 (five million nine hundred and eighteen thousand seven hundred o and forty four) ordinary par value shares, which A-shares may be entitled to a preferential distribution; B-shares: 54,781,256 (fifty four million seven hundred and eighty one thousand two hundred and fifty six) ordinary par value shares; 7.1.2.2 Unissued par value shares as follows: o A-shares: 39,081,256 (thirty nine million eighty one thousand two hundred and fifty six) o ordinary par value shares, which A-shares may be entitled to a preferential distribution; B-shares: 50,218,744 (fifty million two hundred and eighteen thousand seven hundred and forty four) ordinary shares of par value; 7.1.3 The authorised share capital of no par value of the Company that is authorised in terms hereof comprise of 500,000,000 (five hundred million) class C shares of no par value divided into: 121

o Unissued classified shares of no par value: ▪ Class C shares: 500,000,000 (five hundred million) shares. 7.1.4 Each of the shares referred to in clauses 7.1.2 and 7.1.3 entitles the holder to – 7.1.4.1 vote on any matter to be decided by the Shareholders of the Company and to 1 (one) vote in the case of a vote by means of a poll; 7.1.4.2 participate proportionally in any distribution made by the Company and 7.1.4.3 receive proportionally the net assets of the Company upon its liquidation. 7.2 ISSUE OF SHARES 7.2.1 The Board is not authorised to issue more than the maximum amount of authorised ordinary Shares. 7.3 AMENDMENT OF AUTHORISED SHARES, PREFERENCES, VOTING RIGHTS AND OTHER TERMS IN RESPECT OF SHARES 7.3.1 The Board shall have the powers, as provided for in Section 36(3) of the Act, in respect of the Shares and share capital of the Company. 7.3.2 The authorisation and classification of Shares, the numbers of authorised Shares of each class, and the preferences, rights, limitations, voting rights and other terms associated with each class of Shares as set out in this Memorandum of Incorporation may be changed only by – 7.3.2.1 an amendment of this Memorandum of Incorporation by special resolution of the Shareholders; 7.3.2.2 an amendment of the terms, rights and entitlement attaching to such Shares by special resolution of the relevant class of Shareholders, provided that in respect of clauses 7.3.2.1 and 7.3.2.2 the required quorum for such meeting would be Shareholders present or represented holding at least 75% (seventy five percent) of the issued Shares of that class. 7.4 EXISTING SHAREHOLDERS' RIGHT OF FIRST REFUSAL TO SUBSCRIBE FOR SHARES Notwithstanding any other provision of this Memorandum of Incorporation, existing Shareholders will in the case of the proposed issue of Shares by the Company, have the right, before any other person who is not a Shareholder or the Company, to be offered and, within a reasonable time to subscribe for, a percentage of the Shares to be issued equal to the voting power of that Shareholder's general voting rights immediately before the offer was made. 7.5 BENEFICIAL INTEREST IN SECURTIES The issued Securities of the Company may not be held by, and registered in the name of, one person for the beneficial interest of another person. 8. SECURITIES REGISTER 8.1 All Securities to be issued by the Company and the details of such issue shall be recorded electronically by the Company in accordance with the systems adopted and employed by the Company from time to time. 122

8.2 The Company must establish or cause to be established a Securities Register in the form prescribed by the Act and the Regulations and maintain the Securities Register in accordance with the prescribed standards. 8.3 As soon as practicable after issuing any Securities the Company must enter or cause to be entered in the Securities Register, in respect of every class of Securities it has issued – 8.3.1 the names and addresses of the persons to whom the Securities were issued; 8.3.2 the number of Securities issued to each of them; 8.3.3 the number of, and prescribed circumstances relating to, any Securities that have been placed in trust as contemplated in Section 40(6)(d) of the Act, or whose transfer has been restricted; 8.3.4 in the case of Securities other than Shares as contemplated in Section 43 of the Act, the number of those Securities issued and outstanding and the names and addresses of the registered owners of the Securities and any holders of beneficial interests therein; and 8.3.5 any other prescribed information. 8.4 The Securities Register maintained in accordance with the Act shall be sufficient proof of the facts recorded in it, in the absence of evidence to the contrary. 8.5 Unless all the Shares rank equally for all purposes, the Shares, or each class of Shares and any other Securities, must be distinguished by an appropriate number system. 8.6 8.6.1 A certificate evidencing any Securities of the Company (if and when issued) – must state on its face – 8.6.1.1 the name of the Company; 8.6.1.2 the name of the person to whom the Securities were issued; 8.6.1.3 the number and class of Shares and designation of the series, if any, evidenced by that certificate; and 8.6.1.4 any restriction on the transfer of the Securities evidenced by that certificate, subject to item 6(4) of schedule 5 of the Act; 8.6.2 must be signed by 2 (two) persons authorised by the Board, which signatures may be affixed or placed on the certificate by autographic, mechanical or electronic means; and 8.6.3 is proof that the named Security holder owns the Securities, in the absence of evidence to the contrary. 8.7 A certificate remains valid despite the subsequent departure from office of any person who signed it. 8.8 If, as contemplated in clause 8.5, all of the Shares rank equally for all purposes, and are therefore not distinguished by a numbering system – 8.8.1 each certificate issued in respect of those Shares must be distinguished by a numbering system; and 8.8.2 if the Share has been transferred, the certificate must be returned to the Company, and the new holder of the Share may request the Company for a new share certificate. 9. TRANSFER OF SECURITIES 123

9.1 The instrument of transfer of any Securities shall be signed by both the transferor and the transferee and the transferor shall be deemed to remain the holder of such Securities until the name of the transferee is entered in the Securities Register. The Directors may, however, in their discretion in such cases as they deem fit, dispense with requiring the signature of the transferee on the instrument of transfer. 9.2 Securities transfer tax and other legal costs payable in respect of any transfer of Securities pursuant to this Memorandum of Incorporation will be paid by the Company to the extent that the Company is liable therefore in law, but shall, to that extent, be recoverable from the person acquiring such Securities. 9.3 Subject to such restrictions as may be applicable, (whether by virtue of the preferences, rights, limitations or other terms associated with the Securities in question), any Shareholder or holder of other Securities may transfer all or any of its Securities by instrument in writing in any usual or common form or any other form which the Directors may approve. 9.4 Every instrument of transfer shall be delivered to the principal place of business of the Company, accompanied by – 9.4.1 the certificate issued in respect of the Securities to be transferred, and/or 9.4.2 such other evidence as the Company may require to prove the title of the transferor, or his or her right to transfer the Securities. 9.5 All authorities to sign transfer deeds granted by holders of Securities for the purpose of transferring Securities which may be lodged, produced or exhibited with or to the Company or its registered office shall, as between the Company and the grantor of such authorities, be taken and deemed to continue and remain in full force and effect, and the Company may allow the same to be acted upon until such time as express notice in writing of the revocation of the same shall have been given and lodged at such of the Company's offices at which the authority was first lodged, produced or exhibited. Even after the giving and lodging of such notice, the Company shall be entitled to give effect to any instruments signed under the authority to sign and certified by any officer of the Company as being in order before giving and lodging of such notice. 9.6 All instruments of transfer, when registered, shall either be retained by the Company or disposed of in such manner as the Directors shall from time to time decide. Any instrument of transfer which the Directors may decline to register shall (unless the Directors shall resolve otherwise) be returned on demand to the person who lodged it. 9.7 Notwithstanding any provision contained in this Memorandum of Incorporation, the Directors shall have the power to refuse the transfer of any Shares should inter alia – 9.7.1 the provisions of this clause 9 not have been complied with; or 9.7.2 the proposed transferee is in contravention of clause 7.3. 10. COMPANY RULES 10.1 The Board is authorised to make, amend or repeal any necessary or incidental rules relating to the governance of the Company in respect of matters that are not addressed in the Act or in this Memorandum of Incorporation by – 10.1.1 publishing a copy of any Rules or amendments to such Rules made in terms of Section 15(3) to 15(5) by delivering a copy of such Rules or amendments to each Shareholder by ordinary mail or electronic mail; and 124

10.1.2 filing a copy of those Rules. 10.2 Any Rules so made shall take effect and become binding in the manner contemplated in Section 15(4). 10.3 The Board, or any individual authorised by the Board, may alter the Rules, in any manner necessary to correct a patent error in spelling, punctuation, reference, grammar or similar defect on the face of the document by – 10.3.1 publishing a notice of any alternation made by delivering a copy of such amendments to each Shareholder by ordinary mail; and 10.3.2 filing a notice of the alternation. 11. FINANCIAL ASSISTANCE The Board may, subject to the provisions of Section 44 of the Act, authorise the Company to provide financial assistance by way of loan, guarantee, the provision of security or otherwise to any person for the purpose of, or in connection with, the subscription of any option, or any Securities, issued or to be issued by the Company or a related or interrelated company, or for the purchase of any such Securities and the authority of the Board in this regard is not limited or restricted by this Memorandum of Incorporation. 12. ACQUISITION BY THE COMPANY OF ITS OWN SHARES 12.1 In accordance with and subject to the provisions of Section 48 and subject to the further provisions of this clause 12 – 12.1.1 the Board may determine that the Company acquire a number of its own Shares; and 12.1.2 the Board of any subsidiary of the Company may determine that such subsidiary acquire Shares of the Company, but – 12.1.2.1 not more than 10 (ten percent), in aggregate, of the number of issued Shares of any class may be held by, or for the benefit of, all of the subsidiaries of the Company, taken together; and 12.1.2.2 no voting rights attached to those Shares may be exercised while the Shares are hold by that subsidiary and it remains a subsidiary of the Company. 12.2 Any decision by the Company to acquire its own Shares must satisfy the requirements of Section 46 and, accordingly, the Company may not acquire its own Shares unless – 12.2.1 the acquisition – 12.2.1.1 is pursuant to an existing legal obligation of the Company, or a Court Order; or 12.2.1.2 the Board, by resolution, has authorised the acquisition; 12.2.2 it reasonably appears that the Company will satisfy the Solvency and Liquidity Test immediately after completing the said acquisition; and 12.2.3 the Board, by resolution, has acknowledged that it has applied the Solvency and Liquidity Test and reasonably concluded that the Company will satisfy the Solvency and Liquidity Test immediately after completing the said acquisition. 12.3 A decision of the Board referred to in clause 12.1.1 – 125

12.3.1 must be approved by a special resolution of the Shareholders if any Shares are to be acquired by the Company from a Director or prescribed officer of the Company, or a person related to a Director or prescribed officer of the Company; and 12.3.2 is subject to the requirements of Sections 114 and 115, if considered alone, or together with other transactions in an integrated series of transactions, it involves the acquisition by the Company of more than 5% (five percent) of the issued Shares of any particular class of the Company's Shares. 12.4 Notwithstanding any other provision of this Memorandum of Incorporation, the Company may not acquire its own Shares, and no subsidiary of the Company may acquire Shares of the Company if, as a result of that acquisition, there would no longer be any Shares of the Company in issue other than – 12.4.1 shares held by one or more subsidiaries of the Company; or 12.4.2 convertible or redeemable Shares. 13. SINGLE SHAREHOLDER'S AUTHORITY TO ACT 13.1 If, at any time, as contemplated in Section 57(2), the Company has only 1 (one) Shareholder – 13.1.1 that Shareholder may exercise any and all of the voting rights pertaining to the Company, at any time, without notice or compliance with any other internal formalities as set out in that section, and such power is not limited or restricted by this Memorandum of Incorporation; and 13.1.2 the provisions of clauses 14 (Record Date for Exercise of Shareholder Rights), 15 (Shareholders' Meetings), 16 (Shareholders' Meetings by Electronic Communication), 17 (Votes of Shareholders), 20 (Shareholders' Resolutions) and 19 (Shareholders Acting Other Than at a Meeting) shall not apply to the Company. 13.2 If at any time every Shareholder is also a Director – 13.2.1 any matter that is required to be referred by the Board to the Shareholders for decision may be decided by the Shareholders at any time after being referred by the Board, without notice or compliance with any other internal formalities, provided that – 13.2.1.1 every such person was present at the Board meeting when the matter was referred to them in their capacity as Shareholders; 13.2.1.2 sufficient persons are present in their capacity as Shareholders to satisfy the quorum requirements set out in clause 15.9; 13.2.1.3 a resolution adopted by those persons in their capacity as Shareholders has at least the support that would have been required for it to be adopted as an ordinary resolution of special resolution, as the case may be, at a properly constituted Shareholders' meeting; and 13.2.2 when acting in their capacity as Shareholders, those persons are not subject to the provisions of Sections 73 to 78 relating to the duties, obligations, liabilities and indemnification of Directors. 14. RECORD DATE FOR EXERCISE OF SHAREHOLDER RIGHTS 14.1 The Board may set a record date for the purpose of determining which Shareholders are entitled to – 126

14.1.1 receive notice of a Shareholders' meeting; 14.1.2 participate in and vote at a Shareholders' meeting; 14.1.3 decide any matter by written consent or by Electronic Communication; 14.1.4 receive a distribution; or 14.1.5 be allotted or exercise other rights. 14.2 A record date determined by the Board – 14.2.1 may not be earlier than the date on which the record date is determined or more than 10 (ten) business days before the date on which the event or action, for which the record date is being set, is scheduled to occur; and 14.2.2 must be published to the Shareholders in a manner that satisfies any prescribed requirements. 14.3 If, at any time, the Board fails to determine a record date for any action or event, the record date shall be – 14.3.1 in the case of a meeting, the latest date by which the Company is required to give Shareholders notice of that meeting; or 14.3.2 in any other case, the date of the relevant action or event. 15. SHAREHOLDERS' MEETINGS 15.1 The Board, or any prescribed officer of the Company authorised by the Board, is entitled to call a Shareholders' meeting at any time. 15.2 Subject to clause 13.1 and to the provisions of Section 60 dealing with the passing of resolutions of Shareholders otherwise than at a meeting of the Shareholders, the Company shall hold a Shareholders' meeting – 15.2.1 at any time that the Board is required by the Act or this Memorandum of Incorporation to refer a matter to Shareholders for decision; or 15.2.2 whenever required in terms of the Act to fill a vacancy on the Board; or 15.2.3 when required in terms of clause 15.3 or by any other provision of this Memorandum of Incorporation. 15.3 The Board shall call a meeting of Shareholders if 1 (one) or more written and signed demands calling for such a meeting are delivered to the Company and – 15.3.1 each such demand describes the specific purpose for which the meeting is proposed; and 15.3.2 in aggregate, demands for substantially the same purpose are made and signed by the holders, at the earliest time specified in any of those demands, of at least 10% (ten percent) of the voting rights entitled to be exercised in relation to the matter proposed to be considered at the meeting. 15.4 Notwithstanding any provision of the Act to the contrary, and in addition to other meetings of the Company that may be convened from time to time, the Company shall convene an annual general meeting of its Shareholders– 15.4.1 initially, no more than 18 (eighteen) months after the date of its incorporation; 127

15.4.2 thereafter, once in each calendar year, but no more than 15 (fifteen) months after the date of the previous annual general meeting, provided that any such annual general meeting shall be capable of being held by Electronic Communication in accordance with the further provisions of this Memorandum of Incorporation. 15.5 Each annual general meeting of the Company contemplated in clause 15.4 shall provide for at least the following business to be transacted – 15.5.1 the presentation of the directors’ report and audited financial statements for the immediately preceding financial year of the Company; 15.5.2 the election of Directors, to the extent required by the Act or by this Memorandum of Incorporation; 15.5.3 the appointment of an auditor for the following financial year; and 15.5.4 any matters raised by the Shareholders, with or without advance notice to the Company. 15.6 Save as otherwise provided herein, the Company is not required to hold any other Shareholders’ meetings other than those specifically required by the Act. 15.7 The Board may determine the location of any Shareholders’ meeting, and the Company may hold any such meeting in the Republic or in any foreign country, and the authority of the Board and the Company in this regard is not limited or restricted by this Memorandum of Incorporation. 15.8 All meetings (whether called for the passing of special or ordinary resolutions) shall be called on not less than 10 (ten) business days’ notice, save for those meetings which require an election of Directors as contemplated in clause 21 of this Memorandum of Incorporation. 15.9 The quorum requirement for a Shareholders’ meeting to begin or for a matter to be considered are as set out below – 15.9.1 a Shareholders’ meeting may not commence until sufficient Shareholders are present at the meeting to exercise, in aggregate, at least 4% (four percent) of the voting rights that are entitled to be exercised in respect of at least one matter to be decided at the meeting; and 15.9.2 a matter to be decided at a Shareholders’ meeting may not begin to be considered unless sufficient Shareholders are present at the meeting or represented to exercise, in aggregate, at least 4% (four percent) of all of the voting rights that are entitled to be exercised in respect of that matter at the time the matter is called on the agenda, provided that, if the Company has more than 2 (two) Shareholders, a meeting may not begin, or a matter begin to be debated, unless – 15.9.3 at least 2 (two) Shareholders are present at the meeting; and 15.9.4 the requirements of clauses 15.9.1 and 15.9.2 are satisfied. 15.10 The time periods allowed in Sections 64(4) and (5) of the Act apply to the Company without variation and, accordingly, if within 1 (one) hour after the appointed time for a meeting to begin, the requirements of clause 15.9 – 15.10.1 for that meeting to commence have not been satisfied, the meeting shall be postponed, without any motion, vote or further notice, for 1 (one) week; 128

15.10.2 for consideration of a particular matter to begin have not been satisfied – 15.10.2.1 if there is other business on the agenda of the meeting, consideration of that matter may be postponed to a later time in the meeting without any motion or vote; or 15.10.2.2 if there is no other business on the agenda of the meeting, the meeting shall be adjourned, without any motion or vote, for 1 (one) week, provided that the person intended to chair a meeting that cannot commence due to the operation of clause 15.9 may extend the 1 (one) hour limit allowed in clause 15.10 for a reasonable period on the grounds that – 15.10.3 exceptional circumstances affecting weather, transportation or Electronic Communication have generally impeded or are generally impeding the ability of Shareholders to be present at the meeting; or 15.10.4 one or more particular Shareholders, having been delayed, have communicated an intention to attend the meeting, and those Shareholders, together with others in attendance, would satisfy the requirements of clause 15.9. 15.11 The accidental omission to give notice of any meeting to any particular Shareholder or Shareholders shall not invalidate any resolution passed at any such meeting. 15.12 The Company shall not be required to give further notice of a meeting that has been postponed or adjourned in terms of clause 15.10 unless the location for the meeting is different from – 15.12.1 the location of the postponed or adjourned meeting; or 15.12.2 the location announced at the time of adjournment, in the case of an adjourned meeting. 15.13 If at the time appointed in terms of clause 15.10 for a postponed meeting to begin, or for an adjourned meeting to resume, the requirements of clause 15.9 have not been satisfied, the Shareholders present in person or by proxy will be deemed to constitute a quorum. 15.14 After a quorum has been established for a meeting, or for a matter to be considered at a meeting, the meeting may continue, or the matter may be considered, so long as at least 15.15 1 (one) Shareholder with voting rights entitled to be exercised at the meeting, or on that 15.16 matter, is present at the meeting, and the provisions of Section 64(9) of the Act are not limited or restricted by this Memorandum of Incorporation. The maximum period allowable for an adjournment of a Shareholders’ meeting is as set out in Section 64(12) of the Act, without variation. The chairperson of the Board shall preside as chairperson at every Shareholders’ meeting. 15.17 If there is no such chairperson, or if at any meeting he or she is not present within 15 (fifteen) minutes after the time appointed for holding the meeting or is unwilling to act as chairperson, the Directors present shall choose 1 (one) of their number to be chairperson. If no Director is willing to act as chairperson or if no Director is present within 15 (fifteen) minutes after the time appointed for holding the meeting, the Shareholders present shall choose one of their number to be chairperson of the meeting. 15.18 Any objection to the admissibility of any vote (whether on a show of hands or on a poll) shall be raised – 15.18.1 at the meeting or adjourned meeting at which the vote objected to was recorded; or 129

15.18.2 at the meeting or adjourned meeting at which the result of the poll was announced, 15.19 and every vote not then disallowed shall be valid for all purposes. Any objection made timeously shall be referred to the chairperson of the meeting, whose decision shall be final and conclusive. Even if he is not a Shareholder – 15.19.1 any Director; or 15.19.2 the company’s attorney (or where the company’s attorneys are a firm, any partner or director thereof, may attend and speak at any general meeting, but may not vote, unless he is a Shareholder or the proxy or representative of a Shareholder. 16. SHAREHOLDERS’ MEETINGS BY ELECTRONIC COMMUNICATION 16.1 The Company may conduct a Shareholders’ meeting entirely by Electronic Communication or provide for participation in a meeting by Electronic Communication, as set out in Section 63, and the power of the Company to do so is not limited or restricted by this Memorandum of Incorporation. Accordingly – 16.1.1 any Shareholders’ meeting may be conducted entirely by Electronic Communication; or 16.1.2 one or more Shareholders, or proxies for Shareholders, may participate by Electronic Communication in all or part of any Shareholders’ meeting that is being held in person, so long as the Electronic Communication employed ordinarily enables all persons participating in that meeting to communicate concurrently with each other and without an intermediary, and to participate reasonably effectively in the meeting. 16.2 Any notice of any meeting of Shareholders at which it will be possible for Shareholders to participate by way of Electronic Communication shall inform Shareholders of the ability to so participate and shall provide any necessary information to enable Shareholders or their proxies to access the available medium or means of Electronic Communication, provided that such access shall be at the expense of the Shareholder or proxy concerned. 17. VOTES OF SHAREHOLDERS 17.1 Subject to any special rights or restrictions as to voting attached to any Shares by or in accordance with this Memorandum of Incorporation, at a meeting of the Company – 17.1.1 every person present and entitled to exercise voting rights shall be entitled to 1 (one) vote on a show of hands, irrespective of the number of voting rights that person would otherwise be entitled to exercise; and 17.1.2 on a poll any person who is present at the meeting, whether as a Shareholders or as proxy for a Shareholder, has the number of votes determined in accordance with the voting rights associated with the Securities held by that Shareholder and as may be limited in terms of this Memorandum of Incorporation. 17.2 Voting shall be conducted by means of a polled vote in respect of any matter to be voted on at a meeting of Shareholders if a demand is made for such a vote by – 17.2.1 at least 2 (two) persons having the right to vote on that matter, either as Shareholders or as proxies representing Shareholders; or 130

17.2.2 a person who is, or persons who together are, entitled, as Shareholders or proxies representing Shareholders, to exercise at least 10% (ten percent) of the voting rights entitled to be voted on that matter; or 17.2.3 the chairperson of the meeting. 17.3 At any meeting of the Company a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before or on the declaration of the result of the show of hands) demanded in accordance with the provisions of clause 17.2, and unless a poll is so demanded, a declaration by the chairperson that a resolution has, on a show of hands, been carried or carried unanimously or by a particular majority or defeated, and an entry to that effect in the book containing the minutes of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of or against such resolution. The demand for a poll may be withdrawn. 17.4 If a poll is duly demanded, it shall be taken in such manner as the chairperson directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. In computing the majority on the poll, regard shall be had to the number of votes to which each Shareholder is entitled. 17.5 In the case of an equality of votes, whether on a show of hands or on a poll, the chairperson of the meeting at which the show of hands takes place, or at which the poll is demanded, shall not be entitled to a second or casting vote. 17.6 A poll demanded on the election of a chairperson (as contemplated in clause 15.17) or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chairperson of the meeting directs. The demand for a poll shall not prevent the continuation of a meeting for the transaction of any business other than the question upon which the poll has been demanded. 17.7 Where there are joint registered holders of any Share, any 1 (one) of such persons may exercise all of the voting rights attached to that Share at any meeting, either personally or by proxy, as if he or she were solely entitled thereto. If more than 1 (one) of such joint holders is present at any meeting, personally or by proxy, the person so present whose name stands first in the Securities Register in respect of such Share shall alone be entitled to vote in respect thereof. 17.8 The board of any company or the controlling body of any other entity or person that holds any Securities of the Company may authorise any person to act as its representative at any meeting of Shareholders of the Company, in which event the following provisions will apply – 17.8.1 the person so authorised may exercise the same powers of the authorising company, entity or person as it could have exercised if it were an individual holder of Shares; and 17.8.2 the authorising company, entity or person shall lodge a resolution of the directors or such company or controlling body of such other entity or person confirming the granting of such authority, and certified under the hand of the chairperson or secretary thereof, with the Company before the commencement of any Shareholders’ meeting at which such person intends to exercise any rights of such Shareholder, unless excused from doing so by the chairperson of such meeting. 18. PROXIES AND REPRESENTATIVES 131

18.1 Any Shareholder may at any time appoint any natural person (or two or more natural persons concurrently) including a natural person who is not a Shareholder, as a proxy to – 18.1.1 participate in, and speak and vote at, a Shareholders’ meeting on behalf of that Shareholder; or 18.1.2 give or withhold written consent on behalf of that Shareholders to a decision contemplated in Section 60, 18.2 provided that a Shareholder may appoint more than 1 (one) proxy to exercise voting rights attached to different Securities held by the Shareholder. A proxy appointment – 18.2.1 must be in writing, dated and signed by the Shareholder; and 18.2.2 remains valid for – 18.2.2.1 1 (one) year after the date on which it was signed; or 18.2.2.2 any longer or shorter period expressly set out in the appointment, unless it is revoked in a manner contemplated in the Act or expires earlier as contemplated in the Act. 18.3 The holder or a power of attorney or other written authority from a Shareholder may, if so authorised thereby, represent such Shareholder at any meeting of the Company and such holder shall deliver the power of attorney or other written authority (if any), or a copy thereof, to the Company before such holder exercises any rights of the Shareholder at a Shareholders’ meeting. 18.4 All of the remaining provisions of the Act relating to the appointment and revocation of proxies and the rights of proxies generally shall apply and, in particular – 18.4.1 a Shareholder has the right to appoint 2 (two) or more persons concurrently as proxies as set out in Section 58(3)(a); 18.4.2 a Shareholder’s proxy may delegate the proxy’s powers to another person as set out in Section 58(3)(b); 18.4.3 a Shareholder or his proxy must deliver to the Company a copy of the instrument appointing a proxy at least 1 (one) hour before the commencement of the meeting at which the proxy intends to exercise that Shareholder’s right; and 18.4.4 unless the instrument appointing a proxy provides otherwise, a Shareholder’s proxy may decide, without direction from the Shareholder, whether to exercise or abstain from exercising any voting right of the Shareholder, as set out in Section 58(7), and none of such rights or powers are limited, restricted or varied by this Memorandum of Incorporation. 18.5 Every instrument of proxy shall, as far as circumstances permit, be substantially in the following form, or in such other form as the Directors may approve from time to time – “Member number of shareholder: _____________________________ Name of shareholder / person on behalf of legal entity: ____________ 132

______________________________ Legal Entity in which shares are held: _________________________ Address of shareholder: ____________________________________ being a shareholder of ________________________________ do hereby appoint ______________________________________ or failing him/her, the chairperson of the meeting as my/our proxy to vote or abstain from voting on my/our behalf at the meeting of the Company to be held at ______________ on ___________________ and at any adjournment thereof as follows:– IN FAVOUR OF AGAINST ABSTAIN Ordinary Resolution 1 Special Resolution 1 (Indicate instruction to proxy by way of a cross in space provided above.) Except as instructed above or if no instructions are inserted above my/our proxy may vote as he/she thinks fit. SIGNED THIS _____DAY OF ___________________ IN THE YEAR OF _________. __________________________ SHAREHOLDER'S SIGNATURE (NOTES: – A copy of the instrument appointing a proxy must be handed in 1 (one) hour before the commencement of the meeting in writing to the Company Secretary. – A shareholder entitled to attend, speak and vote is entitled to appoint a proxy to attend, speak and vote in his/her stead, and such proxy need not be a shareholder of the Company. 19. SHAREHOLDERS ACTING OTHER THAN AT A MEETING 19.1 In accordance with the provisions of Section 60 of the Act, a resolution that could be voted on at a Shareholders’ meeting (including in respect of the election of Directors may instead be – 19.1.1 submitted by the Board for consideration to the Shareholders entitled to exercise the voting rights in relation to the resolution; and 19.1.2 voted on in writing by such Shareholders within a period of 20 (twenty) business days after the resolution was submitted to them. 19.2 A resolution contemplated in clause 19.1 – 19.2.1 will have been adopted if it is supported by persons entitled to exercise sufficient voting rights for it to have been adopted as an ordinary or special resolution, as the case may be, at a properly constituted Shareholders’ meeting; and 133

19.2.2 if adopted, will have the same effect as if it had been approved by voting at a meeting. 19.3 Within 10 (ten) business days after adopting a resolution, or conducting an election of Directors in terms of the provisions of this clause 19, the Company shall deliver a statement, in a form and substance as determined by the Board, describing the results of the vote, consent process, or election to every Shareholder who was entitled to vote on or consent to the resolution, or vote on the election of a Director, as the case may be. 20. SHAREHOLDERS' RESOLUTIONS 20.1 For an ordinary resolution to be approved it must be supported by more than 50% (fifty percent) of the voting rights of Shareholders exercised on the resolution, as provided in Section 65(7) of the Act. 20.2 For a special resolution to be approved it must be supported by the holders of at least 75% (seventy five percent) of the voting rights exercised on the resolution, as provided in Section 65(9) of the Act. 20.3 No matters, except those matters set out in Section 65(11) of the Act and any other matter required by the Act or by this Memorandum of Incorporation to be resolved by means of a special resolution, require a special resolution adopted at a Shareholders' meeting of the Company. 20.4 In the event that any Shareholder abstains from voting in respect of any resolution, such Shareholder will, for the purposes of determining the number of votes exercised in respect of that resolution, be deemed not to have exercised a vote in respect hereof. 21. COMPOSITION AND POWERS OF THE BOARD OF DIRECTORS 21.1 Until the Company in a general meeting decides otherwise, the maximum number of Directors shall be 7 (seven) and the minimum number of Directors shall be 2 (two). 21.3 Apart from the qualifications and eligibility requirements set forth in Section 69 of the Act, the Directors elected by Shareholders shall not be 65 (sixty five) years or older. 21.4 The term of office of the Directors elected by Shareholders is 1 (one) year, reckoned from 21.5 their election, where upon they shall retire and may be re-elected. The Board has the power to – 21.5.1 fill any vacancy on the Board on a temporary basis, as set out in Section 68(3) (and subject to Section 70); and 21.5.2 exercise all of the powers and perform any of the functions of the Company, as set out in Section 66(1): and the powers of the Board in this regard are not limited or restricted by this Memorandum of Incorporation. 21.6 The Directors may at any time and from time to time by power of attorney appoint any person or persons to be the attorney or attorneys and agent(s) of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors in terms of this Memorandum of Incorporation) and for such period and subject to such conditions as the Directors may from time to time think fit. Any such appointment may, if the Directors think fit, be made in favour of any company, the shareholders, directors, nominees or manager of any company or firm, or otherwise in 134

favour of any fluctuating body of persons, whether nominated directly or indirectly by the Directors. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorneys and agents as the Directors think fit. Any such attorneys or agents as aforesaid may be authorised by the Directors to sub- delegate all or any of the powers, authorities and discretions for the time being vested in them. 21.7 Save as otherwise expressly provided therein, all cheques, promissory notes, bills of exchange and other negotiable or transferable instruments, and all documents to be executed by the Company, shall be signed, drawn, accepted, endorsed or executed, as the case may be, in such manner as the Directors shall from time to time determine. 21.8 All acts performed by the Directors or by a committee of Directors or by any person acting as a Director or a member of a committee shall, notwithstanding that it shall afterwards be discovered that there was some defect in the appointment of the Directors or persons acting as aforesaid, or that any of them were disqualified from or had vacated office, be as valid as if every such persons had been duly appointed and was qualified and had continued to be a Director or member of such committee. 21.9 The Directors in office may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the minimum number fixed in accordance with this Memorandum of Incorporation, they may act only for the purpose of filling vacancies in their body in terms of Section 68(3) or of summoning general meetings of the Company, but not for any other purpose. 21.10 A Director may, subject to the provisions of Sections 75 and 76 of the Act – 21.10.1 hold any other office in the Company (except that of auditor) or in any subsidiary of the Company in conjunction with the office of Director, for such period and on such terms as to remuneration (in addition to the remuneration to which he may be entitled as a Director) and otherwise as a disinterested quorum of the Directors may determine; 21.10.2 personally or as member of a firm be appointed and/or mandated in a professional capacity by the Board or by any subsidiary of the Company; 21.10.3 be or become a Director or other officer of, or otherwise interested in, any company promoted by the company or in which the Company may be interested as Shareholder or otherwise, and shall be entitled to receive the remuneration, profit or other benefits derived from such activities, without being obliged to report to the Company in regard thereto. 21.11 Each Director and each alternate Director, prescribed officer and member of any committee of the Board (whether or not such latter persons are also members of the Board) shall, subject to the exemptions contained in Section 75(2) and the qualifications contained in Section 75(3), comply with all of the provisions of Section 75 in the event that they (or any person who is a related person to them) has a personal financial interest in any matter to be considered by the Board. 22. SINGLE DIRECTOR’S AUTHORITY TO ACT If any time the Company has only 1 (one) Director, as contemplated in Section 57(3), that Director may, subject to any restrictions or limitations imposed in terms of Section 66(1), exercise any power or perform any function of the board at any time, without notice or 135

compliance with any other internal formalities, and the provisions of Section 71(3) to (7), 73 and 74 shall not apply in respect of the governance of the Company. 23. DIRECTORS’ MEETINGS 23.1 Save as may be provided otherwise herein, the Directors may meet together for the despatch of business, adjourn and otherwise regulate their meetings as they think fit. 23.2 The Directors shall, subject to the provisions of clause 23.8, elect a chairperson and a deputy chairperson and determine the period for which each is to hold office. The chairperson, or in his absence the deputy chairperson, shall be entitled to preside over all meetings of Directors. If no chairperson or deputy chairperson is elected, or if at any meeting neither is present or willing to act as chairperson thereof within 10 (ten) minutes of the time appointed for holding the meeting, the Directors present shall choose 1 (one) of their number to be chairperson of such meeting. 23.3 In addition to the provisions of Section 73(1), any Director shall at any time be entitled to call a meeting of the Directors. 23.4 The Board has the power to – 23.4.1 consider any matter and/or adopt any resolution other than at a meeting as set out in Section 74 and, accordingly, any decision that could be voted on at a meeting of the Board may instead be adopted by the written consent of a majority of the Directors, given in person or by Electronic Communication, provided that each Director has received notice of the matter to be decided; 23.4.2 conduct a meeting entirely by Electronic Communication, or to provide for participation in a meeting by Electronic Communication, as set out in Section 73(3), provided that, as required by such Section, the electronic Communication facility employed ordinarily enables all persons participating in the meeting to communicate concurrently with each other without an intermediary and to participate reasonably effectively in the meeting; 23.4.3 determine the manner and form of providing notice of its meetings as set out in Section 73(4), provided that – 23.4.3.1 the notice period for the convening of any meeting of the Board will be at least 7 (seven) days unless the decision of the Directors is required on an urgent basis which justifies a shorter period of notice, in which event the meeting may be called on shorter notice. The decision of the chairperson of the Board, or failing the chairperson for any reason, the decision of any 2 (two) directors as to whether a matter should be decided on an urgent basis, and the period of notice to be given, shall be final and binding on the Directors; 23.4.3.2 an agenda of the matters to be discussed at the meeting shall be given to each Director, together with the notice referred to in clause 23.4.3.1; 23.4.3.3 no meeting may be hold if notice thereof and the agenda therefore is not given in accordance with clauses 23.4.3.1 and 23.4.3.2; and 23.4.3.4 no matter may be discussed at a meeting unless the particular matter has been expressly included in the agenda given in terms of clause 23.4.3.2; and 23.4.4 proceed with a meeting despite a failure or defect in giving notice of the meeting, as provided in Section 73(5), 136

and the powers of the Board in respect of the above matters are not limited or restricted by this Memorandum of Incorporation. 23.5 The quorum requirement for a Directors’ meeting (including an adjourned meeting), the voting rights at such a meeting, and the requirements for approval of a resolution at such a meeting are as set out in Section 73(5), subject only to clause 23.5.5, and accordingly – 23.5.1 if all of the Directors of the Company – 23.5.1.1 acknowledge actual receipt of the notice convening a meeting; or 23.5.1.2 are present at a meeting; or 23.5.1.3 waive notice of a meeting, the meeting may proceed even if the Company failed to give the required notice of that meeting or there was a defect in the giving of the notice; 23.5.2 a majority of the Directors must be present at a meeting before a vote may be called at any meeting of the Directors; 23.5.3 each Director has 1 (one) vote on a matter before the Board; 23.5.4 a majority of the votes cast in favour of a resolution is sufficient to approve that resolution; 23.5.5 in the case of a tied vote – 23.5.5.1 the chairperson may cast a deciding vote in addition to any deliberative vote; and 23.5.5.2 the matter being voted on fails. 23.6 Resolutions adopted by the Board – 23.6.1 must be dated and sequentially numbered; and 23.6.2 are effective as of the date of resolution, unless any resolution states otherwise. 23.7 Any minutes of a meeting, or a resolution, signed by the chairperson of the meeting, or by the chairperson of the next meeting of the Board, are evidence of the proceedings of that meeting, or the adoption of that resolution, as the case may be. 23.8 The chairperson of the Board shall at all times be one of the Directors. 24. DIRECTORS’ COMPENSATION AND FINANCIAL ASSISTANCE 24.1 The Company may pay remuneration to the Directors for their services as directors in accordance with a special resolution approved by the Company’s Shareholders within the previous 2 (two) years, as set out in Section 66(8) and (9), and the power of the Company in this regard is not limited or restricted by the Memorandum of Incorporation. 24.2 Any Director who – 24.2.1 serves on any executive or other committee; or 24.2.2 devotes special attention to the business of the Company; or 24.2.3 goes or resides outside South Africa for the purpose of the Company; or 137

24.2.4 otherwise performs or binds himself to perform services which, in the opinion of the Directors, are outside the scope of the ordinary duties of a Director, may be paid such extra remuneration or allowances in addition to or in substitution of the remuneration to which he may be entitled as a Director, as a disinterested quorum of the Directors may from time to time determine. 24.3 The Directors may also be paid all their travelling and other expenses necessarily incurred by them in connection with – 24.3.1 the business of the Company; and 24.3.2 attending meetings of the Directors or committees of the Directors of the Company. 24.4 The Board may, as set out in and subject to the requirements of Section 45, authorise the Company to provide financial assistance to a Director, prescribed officer or other person referred to in Section 45(2), and the power of the Board in this regard is not limited or restricted by this Memorandum of Incorporation. 24.5 The Directors may, in their sole discretion, establish any pension, retirement, provident fund and/or any other similar fund for the benefit of the Directors, officials and/or employees of the Company (or for the benefit of such persons' dependants) and may, on behalf of the Company, make payment to such funds and on retirement of such persons pay any pension or bonus to such persons. 25. EXECUTIVE DIRECTORS 25.1 The Directors may from time to time appoint 1 (one) or more of their body to fulfil the executive functions of the Company for such term and at such remuneration as they may think fit (subject only to the requirements of Section 66(8) and (9) of the Act), and may revoke such appointment subject to the terms of any agreement entered into in any particular case, and such executive Director/s will not be subject to rotation as contemplated in this Memorandum of Incorporation. A Director so appointed shall be subject to retirement in the same manner as the other Directors except during the period of this agreement, and his appointment shall terminate if he ceases for any reason to be a Director or if he reaches the age of 69 (sixty nine) years old. 25.2 Subject to the provisions of any contract between himself and the Company, an executive Director shall be subject to the same provisions as to disqualification and removal as the other Directors of the Company. 25.3 The Directors may from time to time entrust to and confer upon an Executive Director such of the powers exercisable in terms of this Memorandum of Incorporation by the Directors as they may think fit, and may confer such powers for such time and to be exercised for such objects and purposes, and upon such terms and conditions, and with such restrictions, as they think expedient; and they may confer such powers either collaterally with or to the exclusion of and in substitution for all or any of the powers of the Directors in that behalf, and may from time to time revoke, withdraw, alter or vary all or any of such powers. 26. INDEMNIFICATION OF DIRECTORS 26.1 The Company may – 138

26.1.1 advance expenses to a Director or directly or indirectly indemnify a Director in respect of the defence of legal proceedings, as set out in Section 78(4); 26.1.2 indemnify a Director in respect of liability as set out in Section 78(5); and/or 26.1.3 purchase insurance to protect the Company or a Director as set out in Section 78(7), and the power of the Company in this regard is not limited, restricted or extended by this Memorandum of Incorporation. 26.2 The provisions of clause 26.1 shall apply mutatis mutandis in respect of any former Director, prescribed officer or member of any committee of the Board, including the Audit Committee. 27. BORROWING POWERS 27.1 The Directors may from time to time exercise all of the powers of the Company to – 27.1.1 borrow for the purposes of the Company such sums as they think fit; and 27.1.2 secure the payment or repayment of any such sums, or any other sum, as they think fit, whether by the creation and issue of Securities, mortgage or charge upon all or any of the property or assets of the Company. 27.2 For the purposes of clause 27.1, the borrowing powers of the Company shall be unlimited. 28. COMMITTEES OF THE BOARD 28.1 The Board may – 28.1.1 appoint committees of Directors and delegate to any such committee any of the authority of the Board as set out in Section 72(1) of the Act; and/or 28.1.2 include in any such committee persons who are not Directors, as set out in Section 72(2)(a) of the Act, and the power of the Board in this regard is not limited or restricted by this Memorandum of Incorporation. 28.2 If and for as long as it is required to do so in terms of the Act, and unless the Company is exempted from doing so by the Tribunal in terms of Section 72(5) of the Act, the Board must appoint a social and ethics committee having the powers and functions prescribed in terms of Section 72 and the Regulations. 28.3 The authority of a committee appointed by the Board as set out in Section 72(2)(b) and (c) is not limited or restricted by this Memorandum of Incorporation. 29. ANNUAL FINANCIAL STATEMENTS 29.1 The Company shall keep all such accurate and complete accounting records, in English or Afrikaans, as are necessary to enable the Company to satisfy its obligations in terms of – 29.1.1 the Act; 29.1.2 any other law with respect to the preparation of financial statements to which the Company may be subject; and 29.1.3 this Memorandum of Incorporation. 139

29.2 The Company shall each year prepare annual financial statements within 6 (six) months after the end of its financial year, or such shorter period as may be appropriate to provide the required notice of an annual general meeting in terms of Section 61(7). 29.3 The Company shall appoint an auditor upon, or as soon as reasonably possible after, its incorporation and each year at its annual general meeting. If the Company appoints a firm as its auditor, any change in the composition of the members of that firm shall not by itself create a vacancy in the office of auditor. 29.4 The annual financial statements of the Company shall be prepared and audited in accordance with the provisions of Section 30 of the Act. 29.5 The annual financial statements shall be prepared on a basis that is not inconsistent with any unalterable or non-elective provision of the Act and shall satisfy, as to form and content, the financial reporting standards of IFRS and, subject to and in accordance with IFRS – 29.5.1 present fairly the state of affairs and business of the Company and explain the transactions and financial position of the business of the Company; 29.5.2 show the Company's assets, liabilities and equity, as well as its income and expenses; 29.5.3 set out the date on which the statements were produced and the accounting period to which they apply; and 29.5.4 bear on the first page thereof a prominent notice indicating that the annual financial statements have been audited and the name and professional designation of the person who prepared them. 30. COMPANY SECRETARY 30.1 The company secretary of this Company will be the company secretary of xxxx, unless the Board decides otherwise. 30.3 The Board must fill any vacancy in the office of company secretary within 60 (sixty) business days after such vacancy arises by a person whom the Directors consider to have the requisite knowledge and experience. 31. DISTRIBUTIONS 31.1 Subject to the provisions of the Act, and particularly Section 46, the Company may make a proposed distribution if such distribution – 31.1.1 is pursuant to an existing legal obligation of the Company, or a court order; or 31.1.2 is authorised by resolution of the Board. 31.2 No distribution shall bear interest against the Company, except as otherwise provided under the conditions of issue of the Shares in respect of which such distribution is payable. 31.3 Distributions may be declared either free of or subject to the deduction of income tax and any other tax or duty in respect of which the Company may be chargeable. 31.4 The Directors may from time to time declare and pay to the Shareholders such interim distributions as the Directors consider to be appropriate. 140

31.5 All unclaimed distributions may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed, provided that distributions unclaimed for a period of 3 (three) years from the date on which they were declared may be declared forfeited by the Directors for the benefit of the Company. The Directors may at any time annul such forfeiture upon such conditions (if any) as they think fit. 31.6 Any distribution, interest or other sum payable in cash to the holder of a Share may be paid by electronic fund transfer, cheque or warrant sent by post and addressed to – 31.6.1 the holder at his registered address; or 31.6.2 in the case of joint holders, the holder whose name appears first in the Securities Register in respect of the share, at his registered address; or 31.6.3 such person and at such address as the holder or joint holders may in writing direct. 31.7 Every such cheque or warrant shall – 31.7.1 be made payable to the order of the person to whom it is addressed; and 31.7.2 be sent at the risk of the holder or joint holders. 31.8 The Company shall not be responsible for the loss in transmission of any cheque or warrant or of any document (whether similar to a cheque or warrant or not) sent by post as aforesaid. 31.9 A holder or any one of two or more joint holders, or his or their agent duly appointed in writing, may give valid receipts for any distributions or other moneys paid in respect of a Share held by such holder or joint holder. 31.10 When such cheque or warrant is paid, it shall discharge the Company of any further liability in respect of the amount concerned. 31.11 A distribution may also be paid in any other way determined by the Directors, and if the directives of the Directors in that regard are complied with, the Company shall not be liable for any loss or damage which a Shareholder may suffer as a result thereof. 31.12 Without detracting from the ability of the Company to issue capitalisation shares, any distribution may be paid wholly or in part – 31.12.1 by the distribution of specific assets; or 31.12.2 by the issue of Shares, debentures or securities of the Company or of any other company; or 31.12.3 in cash; or 31.12.4 in any other way which the Directors may at the time of declaring the distribution determine. 31.13 Where any difficulty arises in regard to such distribution, the Directors may settle that difficulty as they think expedient, and in particular may fix the value which shall be placed on such specific assets on distribution. 31.14 The Directors may – 141

31.14.1 determine that cash payments shall be made to any Shareholder on the basis of the value so fixed in order to secure equality of distribution; and 31.14.2 vest any such assets in trustees upon such trusts for the benefit of the persons entitled to the distribution as the Directors deem expedient. 31.15 The Directors may, in their sole discretion, arrange that any branch and/or division of the business of the Company be taken over and operated by a Subsidiary on behalf of the Company. Subject to Sections 44, 45 and/or 46 of the Act, the Company will arrange for the assumption of profit or loss of such Subsidiary as well as the financing, support or furnishing of security in respect of such Subsidiary (including but not limited to the provision of guarantees). 31.16 The amounts and or value standing to the Company reserve account may be used for any purpose where profits of the Company can be lawfully used, and the Board can distribute reserves to the Shareholders by way of a distribution. 32. ACCESS TO COMPANY RECORDS 32.1 Each person who holds or has a beneficial interest in any Securities issued by the Company is entitled to inspect and copy, upon payment of the prescribed maximum charge for any such copy, the information contained in the records of the Company referred to in Section 26(1), being – 32.1.1 this Memorandum of Incorporation, and any amendments or alterations thereof, and any Rules of the Company; 32.1.2 a record of the Directors, including the details of any person who has served as a Director, for a period of 7 (seven) years after that person has ceased to serve as a Director, and any information relating to such persons referred to in Section 24(5); 32.1.3 all – 32.1.3.1 reports presented at an annual general meeting of the Company for a period of 7 (seven) years after the date of any such meeting; and 32.1.3.2 annual financial statements required by the Act for a period of 7 (seven) years after the date on which each such particular statements were issued; 32.1.4 notice and minutes of all Shareholders' meetings, including – 32.1.4.1 all resolutions adopted by them, for 7 (seven) years after the date each such resolution was adopted; and 32.1.4.2 any document that was made available by the Company to the holders of Securities in relation to each such resolution; 32.1.5 any written communications sent generally by the Company to all holders of any class of the Company's Securities, for a period of 7 (seven) years after the date on which each of such communications was issued; and 32.1.6 the Securities Register of the Company. 32.2 A person not contemplated in clause 32.1 has a right to inspect the Securities Register and the register of Directors of the Company upon payment of the prescribed maximum fee for any such inspection. 142