BTN : Dealings by an associate and disclosure of acquisition of beneficial interest in Burstone securities:

Burstone Group Limited

(Incorporated in the Republic of South Africa)

(Registration Number 2008/011366/06)

Approved as a REIT by the JSE

Share code: BTN

Bond code: BTNI

ISIN: ZAE000180915

("Burstone" or the "Company")

DEALINGS IN SECURITIES BY AN ASSOCIATE OF THE CHAIRMAN AND DISCLOSURE OF

ACQUISITION OF A BENEFICIAL INTEREST IN BURSTONE SECURITIES

1. Acquisition of securities by an associate

Shareholders are referred to the Company announcement dated 2 October 2025 informing shareholders that

an associate of Moss Ngoasheng, the Independent Non-Executive Chairman of Burstone, had entered into

a Binding Term Sheet with a shareholder of Burstone, being Investec Limited, to acquire ordinary shares in

Burstone from Investec Limited, subject to certain conditions precedent ("Share Acquisition"). Shareholders

are hereby advised that all conditions precedent to the Share Acquisition have been fulfilled and that the

Share Acquisition has now been implemented.

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited ("JSE") Listings Requirements and paragraphs

6.45 to 6.48 of the JSE Debt and Specialist Securities Listings Requirements, the following information is

disclosed:

NAME OF DIRECTOR Moss Ngoasheng ("Mr Ngoasheng")

NAME OF ASSOCIATE Chill Capital Proprietary Limited ("Chill Capital")*

DIRECTOR'S RELATIONSHIP WITH ASSOCIATE Chill Capital is a family vehicle of Mr Ngoasheng

and of which Mr Ngoasheng is a director

COMPANY OF WHICH HE IS A DIRECTOR Burstone Group Limited

POSITION HELD Independent Non-Executive Chairman

CLASS OF SECURITIES Ordinary shares

DATE OF TRANSACTIONS 28 November 2025

NECESSARY APPROVAL OBTAINED Yes

NATURE OF TRANSACTION Off-market acquisition of ordinary shares

NUMBER OF ORDINARY SHARES 55,555,555, representing 6.90% of the total issued

share capital of Burstone Group Limited

BENEFICIAL INTEREST POST ACQUISITION 7.66%

PRICE PAID PER ORDINARY SHARE R9.00

VALUE OF TRANSACTION R499,999,999.00

NATURE AND EXTENT OF INTEREST Indirect beneficial

NATURE OF TRANSACTION Pledge and cession of ordinary shares held by Chill

Capital as security for loan provided to Chill Capital

NUMBER OF SHARES PLEDGED 55,555,555

DEEMED VALUE OF TRANSACTION R508,888,883.80, being the total deemed value

calculated using the closing price on 28 November

2025, ex-dividend, of R9.16 per share

FACILITY LENDER Investec Bank Limited

TERM OF FACILITY 5 years

AMOUNT OF FACILITY R350,000,000.00

NATURE AND EXTENT OF INTEREST Indirect beneficial

* Following the signature of the Binding Term Sheet an addendum was entered into changing the transacting entity from Temo

Capital Proprietary Limited to Chill Capital, both entities being an associate of Moss Ngoasheng.

2. Acquisition of securities in terms of section 122 of the Companies Act

In compliance with Section 122(3)(b) of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies

Act") and paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Chill Capital

has notified the Company of the aforementioned acquisition of a beneficial interest in the Company. As

required by section 122(3)(a) of the Companies Act, Burstone has filed the required notice with the Takeover

Regulation Panel.

In making this announcement, the Burstone board has relied on the accuracy of the information contained in

the notification from Chill Capital and accepts responsibility for such information as it relates to the Company.

The board confirms that to the best of its knowledge and belief, this information is true and does not omit

anything likely to affect the importance of this disclosure.

2 December 2025

Johannesburg

Debt and Equity Sponsor

Investec Bank Limited

Date: 02-12-2025 05:30:00

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