Master Drilling : Notice, in terms of Section 45(5)(a) of the Companies Act, 71 of 2008, of the granting of Financial Assistance

Master Drilling Group Limited

(Incorporated in the Republic of South Africa) (Registration number 2011/008265/06)

JSE share code: MDI

ISIN: ZAE000171948

("Master Drilling" or the "Company")

NOTICE, AS REQUIRED IN TERMS OF SECTION 45(5)(a) OF THE COMPANIES ACT, 71 OF 2008 (THE ACT), OF THE GRANTING OF FINANCIAL ASSISTANCE

In terms of the provisions of section 45(5)(a) of the Act and pursuant to the special resolution passed by shareholders authorising the board of directors ("the board") to provide direct or indirect financial assistance to related and inter-related companies or corporations, shareholders are notified by the Company that the board adopted a resolution in terms of section 45(3)(b) of the Act on 4 August 2022, authorising the Company to grant financial assistance in the form of various bank guarantees not exceeding USD45,000,000 to its subsidiaries, as and when required.

As required by section 45 of the Act, the board is satisfied and acknowledges that: (i) immediately after providing such financial assistance, the Company would satisfy the solvency and liquidity test as provided for in section 4 of the Act; and (ii) the terms under which such financial assistance would be given are fair and reasonable to and in the best interest of the Company.

Fochville

11 August 2022

Sponsor

Investec Bank Limited (acting through its Corporate and Investment Banking division)