Update Force Fuel & Force Fuel Properties Business Rescue Plans Anticipated Disposal of FF & FFP Renewal Cautionary LABAT AFRICA LIMITED (Incorporated in the Republic of South Africa) (Registration number 1986/001616/06) (“Labat Africa” or “the Company”) ISIN Code: ZAE 000018354 Share code: LAB UPDATE IN RESPECT OF THE FORCE FUEL (PTY) LTD (“FF”) AND FORCE FUEL PROPERTIES (PTY) LTD (“FFP”) BUSINESS RESCUE PLANS AND ANTICIPATED TRANSACTION RELATING TO THE DISPOSAL OF FF AND FFP AND RENEWAL OF CAUTONARY ANNOUNCEMENT Shareholders and affected parties are referred to the announcement released on SENS on 30 July 2020 and subsequent renewal of cautionary announcements last published on 21 October 2020 advising of the approval of the Force Fuel (Pty) Ltd and Force Fuel Properties Pty) Ltd (together, “the companies”) business rescue plans (together, “the Business Rescue Plans), which Business Rescue Plans provide for a bidding process by which prospective investors may make an offer for the companies. Shareholders and affected parties are advised that signed offers for the companies have been received on the due date Friday, 20 November 2020. The group has thus complied with the requirements of a disposal as set out in IFRS5. The business rescue practitioners (“BRPs”) have appointed Webber Wentzel to evaluate the bids received and a recommendation on which bid is the most favourable to the Company will be provided by the BRP’s prior to the commencement of the meeting of Creditors’ to be held for purposes of approving the successful bid. The outcome of the Creditors’ vote on the successful bid will be final and binding on all parties. Shareholders are reminded that in accordance with the parameters for the bidding process, the successful bid is expected to result in a Category 2 disposal transaction being concluded by the company. The results for Force fuel and Force Fuel properties will as a result be deconsolidated in the financial statements for the group ending 31 August 2020 as per IFRS 5. Full details of the disposal will be announced once the process has been concluded. Accordingly, shareholders are advised to continue to exercise caution in dealing in their securities until a further announcement has been made. Johannesburg 25 November 2020 Sponsor AcaciaCap Advisors Date: 25-11-2020 07:05:00 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.