Further announcement in respect of the Offer and Delisting of Torre Torre Industries Limited Main Street 1641 Proprietary Limited (Incorporated in the Republic of South (Incorporated in the Republic of South Africa) Africa) (Registration number 2018/420756/07) (Registration number 2012/144604/06) (“Consortium” or “Offeror”) Share Code: TOR ISIN: ZAE000188629 (“Torre” or “the Company”) FURTHER ANNOUNCEMENT IN RESPECT OF THE OFFER AND DELISTING OF TORRE Torre shareholders are referred to the announcements released on SENS on 21 December 2018, 12 February 2019 and 8 April 2019. Using the terms defined in the Circular dated 21 December 2018, containing details of the Offer and Delisting of the Company, Torre shareholders are advised that only the Cash Payment of R1.05 per share will be payable to Shareholders and the Incentive Scheme Payment will be payable to employees of Torre who are participants of the Incentive Scheme, respectively, on the Scheme Operative Date, being Tuesday, 23 April 2019. The deferred Top-up Payment, amounting to a maximum R0.10 per Torre Share, is only payable subject to the achievement of certain performance targets for the year ending 30 June 2019 and if achieved, will become payable not later than 15 August 2019. Shareholders are referred to paragraph 4 of the Circular should they require further detail in respect of the relevant triggers and mechanisms of the payment of the Scheme Consideration. Johannesburg 11 April 2019 Legal Adviser to Ethos Mid-Market Fund Webber Wentzel Corporate Finance Advisor to the Consortium Apex Partners Proprietary Limited Torre Transaction Sponsor Questco Proprietary Limited Independent Expert BDO Corporate Finance Proprietary Limited Date: 11/04/2019 03:30:00 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.