Cautionary announcement Arden Capital Limited (formerly Brainworks Limited) (Incorporated in the Republic of Mauritius) (Registration number: 115883 C1/GBL) Share Code: ACZ ISIN: MU0548S00026 (“Arden Capital” or “the Company”) Cautionary announcement in relation to African Sun Limited’s intention to acquire the entire issued ordinary shares of Dawn Properties Limited Shareholders are advised that African Sun Limited (“African Sun”) and Dawn Properties Limited (“Dawn”), both subsidiaries of the Company, published cautionary announcements today, 03 June 2020 on the Zimbabwe Stock Exchange (“ZSE”) Data Portal, advising shareholders that African Sun is in negotiations with Dawn for the acquisition of 100% of the issued ordinary shares of Dawn, in exchange for African Sun ordinary shares, to be issued based on an agreed price (“the Transaction”). Shareholders were further advised that the board of directors of Dawn intend to apply to the ZSE for a voluntary delisting in terms of Section 11 of the ZSE Listing Requirements, if the Transaction is successful. The above negotiations are still in progress and, if successfully concluded, may have a material effect on the price of the Company’s shares. Accordingly, shareholders are advised to exercise caution when dealing in their Arden Capital shares until a further announcement is made. Grand Baie, Mauritius 03 June 2020 Sponsor Questco Corporate Advisory Proprietary Limited Date: 03-06-2020 08:55:00 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.