Decision not to proceed with the initial public offering Consol Holdings Limited (formerly Consol Holdings Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number:2005/034965/06) JSE Share Code: CNH ISIN: ZAE000223053 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR ANY OTHER JURISDICTION WHERE IT MAY BE UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. DECISION NOT TO PROCEED WITH THE INITIAL PUBLIC OFFERING On 16 April 2018, Consol Holdings Limited (“Consol” or the "Company") published a pre-listing statement in relation to a private placement of ordinary shares in the Company (the “Offer”) and the listing of its ordinary shares on the Main Board of the JSE Limited. In light of challenging market conditions, the board of directors and shareholders of Consol have resolved that the prevailing environment is not conducive to the Offer achieving their valuation objectives and that it would not be in the best interests of the Company to proceed with the Offer at the current time. The Company would like to thank potential investors for their engagement and interest throughout the process. Consol remains focussed on delivering upon its growth strategies in South Africa and Rest of Africa, including the commissioning of its new facility in Ethiopia later this year. Consol remains confident in the outlook for its business and the markets in which it operates. Enquiries: Consol Mike Arnold Tel: +27 (11) 874 0000 Karuna Nayager Aprio Julian Gwillim Tel: +27 (11) 880 0037 Joanne Botha Wadeville 25 April 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 25/04/2018 11:36:00 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.