Deneb Investments : Category 2 Disposal - Extension of Condition Precedent

DENEB INVESTMENTS LIMITED Registration number: 2013/091290/06 (Incorporated in the Republic of South Africa) JSE share code: DNB

ISIN: ZAE000197398 ("Deneb" or the "Company")

CATEGORY 2 DISPOSAL - EXTENSION OF CONDITION PRECEDENT

Shareholders are referred to the announcement released on the Stock Exchange News Service dated 1 April 2022, wherein shareholders were advised that the Company, through its wholly-owned subsidiary Sargas Proprietary Limited ("Sargas"), entered into an agreement ("Agreement") with G S Prospects Proprietary Limited (registration number 2021/783664/07) ("Purchaser"), in terms of which Sargas will dispose of the immovable property known as Erf 8980, Worcester, Breede Vallei Municipality, Western Cape Province, in extent 40,2926 hectares ("Property") together with the existing lease agreements in respect thereof, to the Purchaser, as a going concern, for a disposal consideration of R43 500 000 ("Disposal Consideration") ("Disposal").

The Disposal was subject to the Purchaser obtaining a loan against the registration of a first mortgage bond over the Property by no later than 30 April 2022 ("Condition Precedent").

Shareholders are advised that the parties have agreed to extend the date for the fulfilment of the Condition Precedent to 19 May 2022.

Cape Town

29 April 2022

Sponsor PSG Capital