Cautionary Announcement in Relation to the Proposed Removal of the Company's Listing BONATLA PROPERTY HOLDINGS LIMITED (Registration number 1996/014533/06) Share code: BNT ISIN: ZAE000013694 (”Bonatla” or “the Company”) CAUTIONARY ANNOUNCEMENT IN RELATION TO THE PROPOSED REMOVAL OF THE COMPANY’S LISTING Shareholders are advised that the Company, after consultations with the JSE, received notice from the JSE of the intention to remove the listing of Bonatla due to the Company’s inability to continue to meet the JSE Listings Requirements. Pursuant to the Kinfedi transaction not proceeding, and the continued difficulty experienced by the Company to inject additional assets due to the suspension in order to meet the requirements of paragraph 4.28 of the JSE Listings Requirements, the Board of Directors have elected not to object to the JSE’s proposed removal of the listing. A further consideration is the high cost of compliance whilst the Company is suspended without the associated benefits of its securities trading on the JSE. Shareholders are advised that the Company will continue as a public unlisted company and will maintain a share register with its Transfer Secretary. The Company will also be able to proceed to complete various transactions and share issues that there were previously unable to complete due to the continued suspension of the Company’s securities, as well as regularise the Company’s affairs. Substantial cost savings will also be achieved. Shareholders are advised that the Company intendeds to restructure the group and once finalised, will explore opportunities to enable Bonatla shareholders to hold tradeable securities, either onshore or offshore. The Company will keep shareholders and other stakeholders updated through its website and other means of communication and the date of the removal of the listing will be announced in due course. Accordingly, shareholders are advised to exercise caution in dealing in the Company’s securities until a further announcement is made. By order of the board 16 February 2018 SPONSOR Arbor Capital Sponsors Proprietary Limited Date: 16/02/2018 03:26:00 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.