Andulela Investment Holdings Limited - Cautionary Announcement on Proposed Delisting Andulela Investment Holdings Limited Incorporated in the Republic of South Africa (Registration number 1950/037061/06) JSE share code: AND | ISIN: ZAE000172870 (“Andulela” or the “Company”) CAUTIONARY ANNOUNCEMENT PROPOSED DELISTING Shareholders are advised that the board of directors of Andulela (“Board”) received a proposal from the controlling shareholder of the Company regarding the proposed delisting of the Company (“Proposed Delisting”), which the Board is considering. A detailed announcement will be made in due course. This announcement does not constitute an offer or an undertaking to make an offer to shareholders by any party, including Andulela. The Proposed Delisting, if proceeded with, will be subject to all relevant regulatory requirements and approvals (including approvals required in terms of the Companies Act, No. 71 of 2008, the Companies Regulations, 2011 and the JSE Listings Requirements) and may have a material effect on the price at which the Company’s securities trade on the JSE. Shareholders are accordingly advised to exercise caution when dealing in the Company’s securities until a further announcement is made. Johannesburg 11 February 2020 Sponsor: Bridge Capital Advisors Proprietary Limited Date: 11-02-2020 02:35:00 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.