PSV : Renewal of Cautionary

PSV Holdings Limited

Incorporated in the Republic of South Africa

(Registration number 1998/004365/06)

Share code: PSV ISIN: ZAE000078705 ("PSV" or "the Company" or "the Group")

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the previous renewal of cautionary announcements, dated 25 February 2022, in which shareholders were advised, inter alia, that the Company and PSV Asset Company (Pty) Ltd, which company holds the plant and equipment of the PSV Group, had been placed into business rescue; that the Company's main trading subsidiary, PSV Industrial (Pty) Limited ("PSVI") had been liquidated and that DNG Energy Limited ("DNG"), a material shareholder in and related party to the Company, has made various representations to the Business Rescue Practitioners ("BRPs") and the Board regarding the potential recapitalisation of PSV by DNG, which recapitalisation is key to enabling the audits for the years ended 29 February 2020 and 28 February 2021 to proceed.

We hereby advise that DNG Energy Limited ("DNG") a material shareholder and related party to the Company, provided proof of funding for the proposal presented to the BRPs on 25 February 2021, which was in turn forwarded to the largest creditor and shareholder Regis Holdings Limited ("Regis"), which shares have since been transferred to another Regis group entity known as Drill Stem Testing International Limited ("DSTI") for its consideration

A revised offer, amended for the matters that had concerned DSTI was sent to DSTI via the BRPs on 17 June 2021. DSTI advised in November 2021 that it is willing to consider the offer subject to certain clarifications. Subsequent to receiving the response from DSTI, the Business Rescue Practitioners ("BRPs") advised that they were not prepared to accept the proposal as it pertained to them as their fees were approved by the requisite majority of the creditors.

DNG still has to revert to both DSTI and the BRPs in this regard. A revised proposal is expected in April or May 2022, which will consider both the positions and incorporate DNG's ability to fund the offer. The Business Rescue is dependent on the recapitalisation of PSV, failing which it will likely face liquidation with no prospect of any payment to shareholders. DNG will be considering the responses and a revised proposal in due course.

Shareholders are accordingly advised to continue to exercise caution when dealing in the Company's securities until such time as further announcements relating to the business rescue process and the recapitalisation of the Company have been made.

Johannesburg

11 April 2022

Designated Advisor

AcaciaCap Advisors Proprietary Limited