Annexure A

Details of Principal Subsidiary Companies
As at 31 March

               
  Nature of Business % holding Cost of Investment Share schemes ¹
               
    2018 2017 2018 2017 2018 2017
        R’000 R’000 R’000 R’000
               
Companies:              
Directly held              
Peregrine Financial Services Holdings Limited Holding company 100 100   7,195   7,195   9,970   9,970
Peregrine SA Holdings Proprietary Limited Investment holding company and investment and trading 80 80   470,845   470,845   67,676   67,676
Sandown Capital Proprietary Limited² Investment holding company and investment and trading   -   100   -   127,453   -   -
               
Indirectly held              
Citadel Holdings Proprietary Limited and its subsidiaries Wealth management 100 100        
Peregrine Capital Proprietary Limited Asset management 50 50        
Peregrine Direct Limited Financial broking 65 65        
Peregrine Derivatives Proprietary Limited Financial broking 65 65        
Peregrine Equities Proprietary Limited Financial broking 65 65        
Peresec International Limited Financial broking 65   -          
Peregrine Financial Products Proprietary Limited Financial structuring 65 65        
Peregrine Fund Platform Proprietary Limited Asset management 65 65        
Peregrine Management Services Proprietary Limited Management services 100 100        
Peregrine Securities Proprietary Limited Financial services 65 65        
Peregrine International Holdings Limited and its subsidiaries Investment holding company 100 100        
Stenham Limited and its subsidiaries Asset and Property management & Trust and Corporate administrative services 100 88.81        
Stenham Investments Proprietary Limited Investment holding company 100 100        
               
Share Trusts:              
Directly held              
Peregrine Share Incentive Trust   100 100        
Indirectly held              
Citadel Holdings Limited Employee Share Participation Scheme   100 100        
Deloitte Private Clients Employee Share Trust ³   100 100        
               
Partnership:              
Indirectly held              
Firefly Investments 61 Investment banking   -   50        
               
Hedge Funds (note 17):              
PNF Peregrine Fund En Commandite Partnership⁴     -     100        
Peregrine Partners Fund En Commandite Partnership⁴     -     100        
Electus Long/Short Equity Fund En Commandite Partnership⁴     -     90.88        
G3 Market Neutral En Commandite Partnership⁵     -     24.72        
All Weather En Commandite Partnership     45.65   38.13        
Java Capital Special Opportunities Fund En Commandite Partnership⁶     -     50        
               
               
          478,040   605,493   77,646   77,646

Details of Principal Subsidiary Companies (continued)
As at 31 March

A comprehensive list of subsidiaries is available on request at the registered office of the Company. Peregrine Direct Limited is incorporated in the British Virgin Isles. Citadel Holdings Proprietary Limited indirectly owns 100% of the issued share capital of Citadel Offshore Holdings Limited, Peregrine Guernsey Limited and Peregrine International Wealthcare Limited, which companies are incorporated in Guernsey. Stenham Limited and its subsidiaries are incorporated in the United Kingdom, British Virgin Isles and Guernsey. Peregrine International Holdings Limited and Peresec International Holdings Limited are incorporated in Guernsey. All other subsidiary companies are incorporated in South Africa.

1   Prior to the 2010 year-end an executive incentive scheme was implemented, which resulted in senior staff members purchasing 20 million shares at R8.10 per share on a deferred basis. The scheme was treated as an equity settled scheme and was valued on the grant date, 24 March 2010, using a binomial model. The total expense of R77.6 million was recognised over the five year period.

2   As a result of the unbundling, as fully detailed in the Restructure and Unbundling Circular, the Company distributed all of its shares in Sandown Capital Limited, being 100% of the issued share capital of Sandown Capital. Prior to the unbundling, the Company subscribed for additional shares of 226 063 696 at a cost of R220 million.

3   Deloitte Private Clients Employee Share Trust was acquired by Citadel Holdings Limited on 1 June 2005. There is no on-going relationship between Deloitte and Deloitte Private Clients Employee Share Trust.

4   As a result of the unbundling, as fully detailed in the Restructure and Unbundling Circular, the PNF Peregrine Fund En Commandite Partnership, Peregrine Partners Fund En Commandite Partnership and Electus Long/Short Equity Fund En Commandite Partnership were de-consolidated with effect from 2 October 2017 as the Group's attributable share of these unredeemed hedge fund assets were transferred to Sandown Capital as part of the unbundling.

5   G3 Market Neutral En Commandite Partnership was closed with effect from 31 July 2017.

6   Java Capital Special Opportunities Fund En Commandite Partnership was closed with effect from 30 September 2017.