Initial Trading Statement LABAT AFRICA LIMITED (Incorporated in the Republic of South Africa) (Registration number 1986/001616/06) (“Labat” or “the Company”) ISIN Code: ZAE 000018354 Share code: LAB INITIAL TRADING STATEMENT In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock Exchange, listed companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the next period to be reported on will be more than 20% different from those of the previous corresponding period or from a profit forecast previously provided to the market in relation to such period. Shareholders are reminded that Labat changed its year-end from February to August in 2015. Accordingly, the twelve months for the year ended 31 August 2016 will be compared to the six months ended 31 August 2015 (“Comparative Period”) for purposes of this trading update. Accordingly, it is expected that the company will report improved results for the year ended 31 August 2016 by more than 100% compared to the Comparative Period, moving from a loss to a profit. However, the range cannot yet be identified. The above information is intended to be an initial trading statement and is subject to change once the Company is closer to finalising its results for the year ended 31 August 2016, whereafter a further trading statement will be issued. The financial information, on which this trading statement is based, has not been reviewed or reported on by the Company’s auditors. Johannesburg 25 November 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 25/11/2016 09:52:00 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.