Private Bag X6 Deloitte & Touche Gallo Manor 2052 Registered Auditors South Financial Advisory Deloitte Deloitte. 5 Magwa Crescent Waterfall City Waterfall Oocex 10

Tel: +27 (0)11 806 5000 www.deloitte-com

To: The Directors Media24 Holdings Proprietary Limited 40 Heerengracht , 8001 ("Media Holdings")

Tc: The Directors Welkom Yizani lnvestrnents (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa {nUelkom") 07 December 2020 Dear MadamslSirs

1- Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular and/or the Scheme Circular, as applicable {as defrned below).

2" We refer to:

2-1 the clrcular b Media Floldings Shareholders (with a copy dispatched to Welkom Sharehclders), dated Monday, 14Decernber2020 {"RepurchaseCirculaf), regarding a share repurchase by Media Holdings of a maximum of 5 839 9Sg Media Holdings Shares (constituting 6% of Media Holdings' issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share frorn Welkom, to be implemented in accordance with sections 48(8), 114(1)(e) and 115{2)(a} cf the Companies Aci; and

2.2 the circular to Welkorn Shareholders, dated Monday, 14 December 2020 ("Scheme Circulaf'), regarding, amongst others: (i) a scheme of arrangement in terms of section 114{1i(c) of the Companies Act. proposed by the Welkom Board between Welkom and the Ordinary Shareholders {and involving Media Holdings as a pafi), in terms of which, if implernented, Media Holdings will buy all of the Scheme Shares (consiituting 100% of Welkom's issued ordinary share capital) from the Scheme Participanis for a cash consideration of R15.70 per Scheme Share; and (ii)the subsequent delisting of the Welkorn Shares from EESE.

a Deloitte & Touche, i* iis capacity as ihe lndependent Expe* to Media Holdings, hereby consents to act in the capacity or capacities stated in, and to its name being stated and to the references thereto in the forrn and context in which it appearc in, the Repurchase Circular and/or the Scheme Circular, as applicable.

Provided that the Repurchase Circular andlor the Scheme Circular is not amended in any rnaterial way without our approval after the date of tftis letler, we undertake that we will not withdraw such consent prior to the issue of the Circular.

Yours faithfully

Mohsin Khan

Partner : Deloifte Financial Advisory

i i unxrre nn , IiNPACTTHAT I uarrrns /."''-. 1 JL@.,;a,l I

*LL National Executjve: Bailr Chiel Execubve Officer 'TMM Jordan D€puty Chief Erecutlve Officer; Ciients & lndustries *MJ laruis Chief Operahng Officer tAf Mackie *N Aud;l & Assurance Sing Rilk Advisory DP Ndlovu iax & Legai TP Pillay Consuiting 'J( Mazzocco People & Purpose MG Dicks Risk lndependence & Legal *KL Hodson Frnancial Advrsory *B Nyembe Responlible Business & Publi( Pol;cy +Tl Brswn Cllairmaf of the Board

A flill Ist o{ partner5 and directors is alailabie on .equest * Partoe. and Registered Auditor

B-8BEE ratingl Level 1 contributian in terms of the DTI Generk Scorecard as per the arnended Codes ol 6ood Practice

Associate o{ Deloitte Africa. a Memirer of Deloitte Touche Tohmatsu Limited singuIarsgsterns simpli$ing comPlexitY

25ScottStreet,Waverl€v.JHB2090 i POBox785261,Sandton2146 lTelj+27(0)100030700 l€ax:+27 (0)11 8853835 / Email:[email protected] I wwwsingular.o.za To: The Directors Media24 Holdings Proprietary Limited 40 Heerengracht Cape Town, 8001 South Africa ("Media Holdings")

To: The Directors Welkom Yizani lnvestments (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa ('Yilelkom")

7 December 2A2A

Dear Madams/Sirs

1. Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular and/or the Scheme Circular, as applicable (as defined below).

2. We refer to:

2.1 the circular to Media Holdings Shareholders (with a copy dispatched to Welkom Shareholders), dated Monday, 14 December 2020 ("Repurchase Gircular"), regarding a share repurchase by Media Holdings of a maximum of 5 839 9gg Media Holdings Shares (constituting 60/o af Media Holdings' issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share from Welkom, to be implemented in accordancewith sections4B(8), 11a(1Xe) and 115(2){a) of the Companies Act; and

2.2 the circular to Welkom Shareholders, dated Monday, 14 December 2A2A ("Scheme Cireular"), regarding, amonEst others: (ila scheme of arrangement in terms of section 11a(1)(c) of the Companies Act, proposed by the Welkorn Board between Welkom and the Ordinary Shareholders {and involving Media Holdings as a pafi), in terms of which, if implemented, Media Holdings will buy all of the Scheme Shares (constituting 100% of Welkom's issued ordinary share capitallfrom the Scheme Participants for a cash consideration of R15.70 per Scheme Share; and (ii) the subsequent delisting of the Welkom Shares from EESE.

3. Singutrar Systerns Proprietary Lirnited, in its capacity as the Transfer Secretaries to Media Holdings and Welkom, hereby consents to act in the capacity or capacities stated in, and to its name being stated and to the references thereto in the form and context in which it appears in, the Repurchase Circular andlor the Scheme Circular, as applicable.

4. Provided that the Repurchase Circular andlar the Scheme Circular is not amended in any material way without our approval after the date of this letter, we undertake that we will not withdraw such consent prior to the issue of the Circular"

(

itr Marmger * Transfer Secretarial "..,^- :*' ', Ltd. company Reg No: 2@zloor4szto7 Singular Systems (Pty) Ltd is an Auttorised Financial Seruics Provider (FSP No. 44330) kF#- -" - o . "slngularsystems{Pty) olrEtoE: a{ick xruiskamp I Hdga Dev.$icdG I Buldwa iltshingwa Altffite DiHtor: Iustin Eabaya qklP^^?,i"??

The Bcard of Directors Welkom Yizani lnvestrnents (RF) Limited Itvledia24 Centre 2l-st Fk:or 40 Heerengracht Street Cape Town 8001

7 December 2020

Dear Sirs and Mesdames

1. We refer to the circular to Welkom Yizani lnvestments (RF) Limited, registration number: 7AA6/071,434/06 ("Welkom") shareholders, which is expected to be dated 14 December 2020 {"Circular") {terms as defined in the Circular), regarding, amongst other matters:

3_.1" a scheme of arrangement in terms of section 114{1Xci of the Companies Act, proposed by the Welkom Board between Welkom and the Scheme Participants (and involving Media24 Holdings Proprietary Limited, registration number: 20A6/A21,4A8/07 ("Media Holdings") as a party), in terms of which, if implemented, Media Holdings will buy all of the Scheme Shares (constituting lAA% of Welkom's issued share capital) from the Scheme Participants for a cash consideration of R15.70 per Scheme Share; and

1.2 the subsequent delisting of the Welkom Shares from EESE.

2. Questco Corporate Advisory Proprietary Limited, in its capacity as the lndependent Expert, hereby consents to act in the capacity stated and to its name being stated and to the references thereto in the form and context in which it appears in the Circular.

3. Provided that the Circular is not amended in any material way without our approval after the date of this letter, we undertake that we will not withdraw such consent prior to the issue of the Circular. ilYours faithfully N,,1andy Ramsden DIRECTCR

Jchannesburg: 1st Floor, Yellolvwood House, Batlywoods Ofiice Park,33 Ballyclare Drive. Bryansion,2021

Cape Town: 10th Floor, The Terraces, 34 Bree Street, Cape trown, 8001 Questco Corporate Advisory (Pty] Ltrj I Registration Number: 2011/106751107 Directors: A Ramsden; N Stevensolr; Cl Kloppers I Principal: T Thackwrav Geregistreerde naam: Registered name: Welkom Yizani Beleggings (RF) Beperk \^/€LKoM Welkom Yizani lnvestments (RF) Limited

Registrasienommer: 20OOl 021 434 IQG Registration number: 2006/021 434/06 Geregistreerde adres: YIZANI Registered address: Heerengracht 40, Kaapstad, 8001 40 Heerengracht, Cape Town, 8001 TerA21 4062121 Tel:021 4062121 Faks: 021 4063753 Fax:021 4063753 Posadres: Posbus 2271, Kaapstad, 8001 Postal address: PO Box 227 I, Cape Town, 8001

To: The Directors Media24 Holdings Proprietary Limited 40 Heerengracht Cape Town, 8001 South Africa ("Media Holdings")

To: The Directors Welkom Yizani lnvestments (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa ("Welkom") 7 December 2420 Dear Madams/Sirs

1. Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular andlor the Scheme Circular, as applicable (as defined below).

2. I refer to:

2.1 the circular to Media Holdings Shareholders (with a copy dispatched to Welkom Shareholders), dated Monday, 14 December 2020 ("Repurchase Circular"), regarding a share repurchase by Media Holdings of a maximum of 5 839 999 Media Holdings Shares (constituting 60/o of Media Holdings' issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share from Welkom, to be implemented in accordance with sections 48(8), 114(1)(e) and 115(2)(a) of the Companies Act; and

2-2 the circular to Welkom Shareholders, dated Monday, 14 December 2A20 ("Scheme Gircular"), regarding, amongst others: (i)a scheme of arrangement in terms of section 11a(1)(c) of the Companies Act, proposed by the Welkom Board between Welkom and the Ordinary Shareholders (and involving Media Holdings as a party), in terms of which, if implemented, Media Holdings will buy all of the Scheme Shares (constituting 100% of Welkom's issued ordinary share capital) from the Scheme Participants for a cash consideration of R15.70 per Scheme Share;and (ii)the subsequent delisting of the Welkom Shares from EESE.

3. l, Omichand Lalbahadur, in my capacity as the lssuer Representative to Welkom, hereby consent to act in the capacity or capacities stated in, and to my name being stated and to the references thereto in the form and context in which it appears in, the Repurchase Circular and/or the Scheme Circular, as applicable.

4. Provided that the Repurchase Circular and/or the Scheme Circular is not amended in any material way without my approval after the date of this letter, I undertake that I will not withdraw such consent prior to the issue of the Cireular.

OMICHAND LALBAHADUR

Drfa{ieLr.e'i)irecir,st RCC Jaila \,'c6.s.iter ararri. -tC Felal . O _aibahao! .4.! Arili!ia.:' ,ii i.lcicla ' i,l r,lo1srs :i. ::a : i:. e': -- -a:r.,:l Geregistreerde naam: Registered name: Welkom Yizani Beleggings (RF) Beperk W€LKOM Welkom Yizani lnvestments (RF) Limited

Registrasienommer: 20061021 434106 Registration number: 2006/02'1434106 Geregistreerde adres: YIAANI Registered address: Heerengracht 40, Kaapsiad, 800'1 40 Heerengracht, Cape Town, 8001 Tel:021 4462121 Tel:021 4062121 Faks:021 4063753 Fax:021 4063753 Posadres: Posbus 2271, Kaapstad, 8001 Postal address: PaBox2271, Cape Town,8001

To: The Directors Media24 Holdings Proprietary Limited 40 Heerengnacht Cape Town, 8001 Souih Africa ("[Iedia Holdings")

To: The Directors Welkom Yizani lnvestments (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa ("Welkom") 7 December 2020 Dear Madams/Sirs

1. Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular andlor the Scheme Circular, as applicable (as defined belowi.

2. I refer to:

2.1 the circular to Media l-{oldings Shareholders (with a copy dispatched to Welkorn Shareholders), dated Monday, 14 Decernber2020 ("Repurchase Circular"), regarding a share repurchase by Media Holdings of a maxirnum of 5 839 9gg Media Holdings Shanes (constituting 6% of Media Holdings' issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share from Welkorn, to be implemented in accordance with sections 48(8), 11a(1)(e) and 115(2)(a) of the Companies Act; and

2"2 the circular to Welkom Shareholders, dated Monday, 14 December 2AZA ("Scheme Circular"), regarding, amongst others: (i)a scherne of arrangement in terms of section 114(1)(c) of the Companies Act, proposed by the Welkom Board between Welkom and the Ordinary Shareholders (and involving Media Holdings as a party), in terms of which, if implemented, Media Holdings will buy all af the Scheme Shares (constiiuting 100% of Welkom's issued ordinary share capitatlfrom the Scheme Farticipants for a cash consideration of R15.70 per Scheme Share; and (ii) the subsequent delisting of the Welkom Shares from EESE.

3. l, Lurica Jinean*e Jacquet, in my capacity as the Company Secretary to Welkom, hereby consent to act in the capacity or capacities stated in, and to my name being stated and to the references thereto in the form and context in which it appears in, the Repurchase Circular and/or the Scheme Circular, as applicable.

4. Provided that the Repurchase Circular andlor the Scheme Cireular is not amended in any material way without my approval after the date of this letter, I undertake that I will not withdraw such consent prior to the issue of the Circular. ZAOr*-r*.r // D LURICA JACQUET, COMPANY SECRETARY: WELKOM YIZANI

DirekteurelDireclors: RCC jafta (\jcorsitterlChair) . JC Heid. C Laibahadur. AH Adhikari . KD lt"lsioka . lv1 l,.,lotsisi Sekretaris'Secretary: LJ Jacqir et uuuuorgil Er rvgrupe lu. aouJr Evl-UDDZ+JzE-vLrotr-owl, zuEv\,o I B

lnvestec Bank Limited

ri"* 100 Grayston Drive Sandown Sandton 2196 PO Box 785700 Sandton 2146 South Africa "rr +27 +27 Investec T (0) 11 286 7000 F (0\ 1 1 286 7966 www. investec.com

7 December 2020 To: The Directors Media24 Holdings Proprietary Limited 40 Heerengracht Cape Town, 8001 South Africa ("Media Holdings") To: The Directors Welkom Yizani lnvestments (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa ("Welkom")

Dear Madams/Sirs

1. Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular andlor the Scheme Circular, as applicable (as defined below).

2- We refer to: 2.1 the circular to Media Hcldings Shareholders (with a copy dispatched to Welkom Shareholders), dated Monday, 14 December 2020 ("Repurchase Circular"), regarding a share repurchase by Media Holdings of a maximum of 5 839 999 Media Holdings Shares {constituting 6% of Media Holdings'issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share from Welkom, to be implemented in accordance with sections 48(B), 114(1)(e) and 115(2){a) of the Companies Act; and

2.2 the circular to Welkom Shareholders, dated Monday, 14 December 2020 {"$cheme Gircular"}, regarding, amongst others: (i) a scheme of anangement in terms of section 1 1a(1){c) of the Companies Act, proposed by the Welkorn Board between Welkom and the Ordinary Shareholders (and involving Media Holdings as a party), in terms of which, if implernented, Media Holdings will buy all of the Scheme Shares (constituting 100% of Welkom's issued ordinary share capital) from the Scheme Participants for a cash consideration of R15.78 per Scherne Share; and (ii) the subsequent delisting of the Welkorn Shares from EESE.

3. lnvestec Bank Lirnited, in its capacity as the FinanciallCorporate Adviscr to Media Holdings, hereby consents to act in the capacity or capacities stated in, and to its name being stated and to the references thereto in the form and context in which it appears in, the Repurchase Circular andlor the Scherne Circular, as applicable.

4- Provided that the Repurchase Circular andlor the Scheme Circular is not amended in any material way without our approval after the date of this letter, we undertake that we will not withdraw such consent prior to the issue of the Circular.

Yours faithfully

/-O@usigned by: I I e*Uef+,;"/.*,* L- r"., *rr.."on*u ELDAD FRIEDMAN

lnvestec Bank Limited Reg" No. 19691004763105. A member of the lnvestec Group. WEBBER WENTZEL

in alliance with ) Li n kl atg f S

To: The Directors 90 Rivonia Road, Sandton Media24 Holdings Proprietary Limited Johannesburg,2l95 40 Heerengracht PO Box 61771, Marshalltown Cape Town, 8001 Johannesburg, 2LO7, South Africa South Africa Docex 25 Johannesburg ("Media Holdings") T +27 lt 530 5000 F +27 ll 530 5111 To: The Directors www.webberwentzel.com Welkom Yizani lnvestments (RF) Limited 40 Heerengracht Cape Town, 8001 South Africa (nUelkom")

Your reference Our reference Date The Directors L de Bruyn/C Jonker 07 December 2020 3042732

Dear Madams/Sirs

1. Capitalised (defined terms) used in this letter bear the same meanings given to such terms in the Repurchase Circular and/or the Scheme Circular, as applicabte (as defined below).

2, We refer to:

2.1 the circular to Media Holdings Shareholders (with a copy dispatched to Welkom Shareholders), dated Monday, '14 December 2020 ("Repurchase Circular"), regarding a share repurchase by Media Holdings of a maximum of 5 839 999 Media Holdings Shares (constituting 60/o of Media Holdings' issued ordinary share capital) at a cash price of R15.70 per Media Holdings Share from Welkom, to be implemented in accordance with sections 48(8), 1 1a(1Xe) and 1 15(2)(a) of the Companies Act; and

2.2 the circular to Welkorn Shareholders, dated Monday, 14 December 2O20 ("Scheme Cireular"), regarding, amongst others: (i) a scheme of arrangement in terms of sectionll4(1)(c) of the Companies Act, proposed by the Welkom Board between Welkom and the Ordinary Shareholders (and involving Media Holdings as a party), in terms of which, if implemented, Media Holdings will buy all of the Scheme Shares (constituting 100% of Welkom's issued ordinary share capital) from the Scheme Participants for a cash consideration of R15.70 per Scheme Share;and (ii)the subsequent delisting of the Welkom Shares from EESE.

3. Webber Wentzel, in its capacity as the Legal and Tax Advisor to Media Holdings and Welkom, hereby consents to act in the capacity or capacities stated in, and to its name being stated and to the references thereto in the form and context in which it appears in, the Repurchase Circular and/or the Scheme Circular, as applicable.

Provided that the Repurchase Circular and/or the Scheme Circular is not amended in any material way without our approval after the date of this letter, we undertake lhat we will not withdraw such consent prior to the issue of the Circular.

Senior Partneri JC Els Managing Partrleri Si Hutio4 partners; BW Abrahan RB Africa NG AIp Rt Appelfitsum DC Bayman KL Brilinqs ilE Bennett Ap Blair DHL Booysen AR tsowley ) Braum 14S 6u.!er 1,1 Bux Ri Carrrn T Cassim 5l Chong C Collett kll Collier Ktl Colman KE Coster K Couzyn DB Cron PA Crosland R Cruyrvagen .lIl Davres Pl'1 Daya L de Sruyn PU Dela t'1 Denenga DW de Viliiers BEC Dickinson l.1A Diemoni DA Otnqlei, 6 Dnver yr Drue Hl du Pree: Cp du ioit SK Edmundson LF Egypt KH Eiser AE Esterhurzen l,1lR Evans K iazel AA Felekis G Frtrmauri.E i8 Forrrtsn KL Gav/ith O;l Gelderhuys l.,f"l Gitrs3n CI Goufs PD Grealy S lla.oun lr'l Harvey iS Henning KR Hlilis Z Hiophe Cl,l Holfeld Pl"1 Hollo!vay AV Ismail l'1E Jeryis CA lennings JC jones CPl ionker S.lcoste LA Kahn ACR liatzke lv1 KeDnedy A Keyser l,lD Kota JC Kraamwinkel -l Lamb E Louw t'1 l''lahlang! V tlannar L Marais MC l'lclntosir Sl l'lcKenzie CS tleyer AJ llills O r'1ilo Np Mngome:ul\r Fl l'loloi LE l'lostert Vll l.lovsilovich RA llelson G Nivelr ZN tltshooa l'1 Nxumalc AN Nyatsumba A October L Odendaal 6lP Olrvier N PaiEe Al.iT Pardini AS parry S Faiel 6R Peniold SE Pha.iane l'1 Philjpprdes BA Phrllips l'1A phrlhps D Ramjettan GI Rapson K Rer! SA Rrtchie NjA Robb G Sader i'l Sader l-1 Samsodien iUJ Scholfz (E Stepherd Al Srmpson ll Singir fl Srngh-ltogueira P Siiqh S Srthole -r Smrt RS Srith I'lPSpalding pSSiern lt1!'iStraeulr L-lSwaine ZSlranepoel AThaker TThe€sser TKThekiso CTheodosiou TTheunissen RTlhavani GTruter PZ Vsrda SE van der t"1euie. lp van der Poel CS l'anmali iE Veeran B Ver$feld l.lG Versield TA Versfeld Dl"! V;sagie El'1e y'/arminqton j Watson AWR Westvroorj RH Wilson ,\4 YudakEfl Chief Operating Officer: 5A Boyd WEBBER WENTZEL in aliatr(e wirh ] LinklatgfS Page 2

Yours sincerely

Partners Direct tel: +27 11 530 5680/5800 Direct tax: +27 11 530 6680/6800 Email: [email protected]/[email protected]