Changes to the Board and Changes in Functions of Directors PSV HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 1998/004365/06) JSE code: PSV ISIN: ZAE000078705 ("PSV" or "the Company") CHANGES TO THE BOARD AND CHANGES IN FUNCTIONS OF DIRECTORS Further to the announcement released on SENS on 18 September 2018, wherein shareholders were advised that the specific issue of shares for cash to Regis Holdings Limited had become unconditional, and in compliance with paragraph 3.59 of the Listings Requirements of JSE Limited, the board of directors of PSV (“the Board”) hereby notifies its shareholders that the Board has been restructured, with immediate effect, as follows: - Mr Carlos Fernandes has been appointed as a non-executive director of the Board and chairman of the Remuneration Committee. Carlos holds a BCom (Accounting) degree from the University of Johannesburg and an MBA (Corporate Finance and Entrepreneurship) from Bond University (Australia). He spent 10 years with SABMiller’s Africa division in Managing Director and Financial Director roles, and served on various subsidiary board and committees, having also led M&A, Commercial and Strategy projects across Sub-Saharan Africa. He currently serves as Chief Commercial Officer and member of the investment committee at Regis Holdings Limited. - Mr Roger Pitt has been appointed as an independent non-executive director of the Board and chairman of the Audit and Risk Committee. Roger is a chartered accountant with a BCom (Hons) (Accounting) degree from the University of Johannesburg. After completing his articles he moved into corporate finance where he gained broad experience in corporate actions across multiple industries. He currently owns and runs an import and distribution business in the medical industry and serves on the boards and committees of several private and listed companies. - Mr Eric Ratshikhopha has been appointed as chairman of the Social and Ethics Committee and has stepped down as Chairman of the Board. - Mr Anthony de la Rue has been appointed as Chairman of the Board and has stepped down as chairman of the Audit and Risk Committee and chairman of the Remuneration Committee. The Board welcomes Carlos and Roger, and looks forward to their contributions to the Company. Johannesburg 3 October 2018 Designated Adviser Merchantec Capital Date: 03/10/2018 04:21:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.