PSG Group Restructuring

The table below illustrates the anticipated value to be unlocked for exiting PSG Group shareholders by way of the PSG Group Restructuring, calculated as at the close of business on 28 February 2022, as well as at present – representing a significant
premium of 41,3% to the ruling PSG Group share price immediately before the announcement was made on SENS on
1 March 2022 –

28 Feb 202224 May 2022

Unbundling
ratio for every
PSG Group share held

Share price
R

Indicative
value per
PSG Group
share
R

Share price
R

Indicative
value per
PSG Group
share
R

PSG Konsult3.8692113.74*53.1612.70*49.14
Curro1.8159713.45*24.429.78*17.76
Kaap Agri0.1236451.20*6.3344.80*5.54
CA&S1.036504.79**4.964.77**4.94
Stadio1.022163.64*3.723.80*3.88
Value of shares received pursuant to the PSG Group Unbundlings***92.5981.27
Cash received pursuant to the PSG Group Specific Repurchase 23.0023.00
Total anticipated value115.59104.27
PSG Group share price81.83^91.03^^
Premium41.3%

* Listed on the Johannesburg Stock Exchange ("JSE")

** Currently listed on both the Botswana Stock Exchange ("BSE") and the Cape Town Stock Exchange, with the latter listing being transferred to the JSE prior to the PSG Group Restructuring. The share price presented in the table above is the share price on the Botswana Stock Exchange on 28 February 2022 and at present, respectively, translated from Botswana pula into South African rand at the ruling exchange rate on such date.

*** This value will fluctuate in accordance with fluctuations in the share prices of the companies to be unbundled.

^ PSG Group’s closing share price as at 28 February 2022 immediately preceding the announcement of the proposed PSG Group Restructuring on SENS on 1 March 2022.

^^ In theory, as progress is made with the PSG Group Restructuring, PSG Group’s share price should move closer to the ruling total anticipated value per share as the implementation date approaches.


Accuracy of data disclaimer

Although the contents of the PSG Group Restructuring calculation have been compiled with considerable care, it may not be accurate or complete and may also include technical errors from time to time which are beyond our control due to share price information contained in the PSG Group Restructuring calculation having been received from third-party service providers.

 It is designed to continuously assist shareholders and/or investors with the PSG Group Restructuring calculation and is not intended to be used for quick investment decisions, as it would lag the exchange trading platforms by at least 15 minutes.

PSG Group Limited does not assume responsibility for the accuracy of the PSG Group Restructuring calculation and accordingly disclaims all liability for any loss, damages (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or may be attributable, directly or indirectly, to the use of or reliance upon any information contained herein. It is the sole responsibility of the shareholder and/or investor to verify the accuracy of the information contained in this PSG Group Restructuring calculation and to form his/her own view as to the value of PSG Group Limited shares.

Financial advisor disclaimer

The information provided and included in the PSG Group Restructuring calculation is for general information purposes only and does not constitute an offer to sell any securities or investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person. You are advised to give independent consideration to this information and to obtain investment advice from your independent financial advisor.