Changes to the Previously Published Interim Results Ended 29 February2020 LABAT AFRICA LIMITED (Incorporated in the Republic of South Africa) (Registration number 1986/001616/06) (“Labat Africa” or “the Company”) ISIN Code: ZAE 000018354 Share code: LAB CHANGES TO THE PREVIOUSLY PUBLISHED INTERIM RESULTS ENDED 29 FEBRUARY 2020 Shareholders are referred to the interim results for the six months ended 29 February 2020 published on SENS on 30 April 2020 (“interim results”), the reviewed provisional financial results for the year ended 31 August 2020 published on SENS on 4 January 2021 as read with the change statements and notice of AGM published on SENS on 16 February 2021 (“audited results announcement”) and the Integrated Annual Report distributed to shareholders electronically on Tuesday, 16 February 2021 and by post on Friday, 19 February 2021 (“audited financial statements”). Shareholders are advised that following the publication of the interim results and prior to the publication of the audited results announcement, the Company was subject to a JSE Pro-Active Monitoring Review Process (“Pro-active Monitoring Review”) in respect of its annual financial statements for the year ended 31 August 2019 and the interim results. The Pro-active Monitoring Review resulted in the identification of the following two errors in the interim results: (i) the recognition of an operating expense of R7m and other income of R7m in respect of the recovery of costs of R7m incurred on the establishment of the medical cannabis and hemp related products business; and (ii) the incorrect recognition of a R7.6m revaluation of property in other income that was correctly recognised at a subsidiary level (Force Fuel Properties Proprietary Limited (“FFP”)) as an investment property, but should not have been recognised at a consolidated level due to it being considered an owner-occupied property. These errors resulted in an overstatement of the operating profit in the interim results for 28 February 2020 of R7.6m, which was disclosed as R7 734 000 as opposed to R134k. This had a further impact on the total comprehensive income and per share information. A further correction has been identified and made to the headline loss per share. The property, plant and equipment balance and accumulated losses will also be restated. The interim results for the six months ended 28 February 2021 will contain a restatement of the comparative results for the six months ended 29 February 2020 as follows: STATEMENT OF COMPREHENSIVE AND OTHER INCOME EXTRACTS 6 months 29 February 6 months 2020 28 February Previously 2020 published Restated Change R’000 R’000 R’000 Other income 14 651 51 (14 600) Impairments - - Operating expenses (25 893) (18 893) 7 000 Operating profit 7 734 134 (7 600) Total comprehensive income/(loss)/for the period 2 806 (4 794) ((7 600) Earnings/(Loss) per share (cents) 0.07 (1.23) Headline loss per share (0.03) (2.99) STATEMENT OF FINANCIAL POSIITON EXTRACTS 29 February 28 February 2020 2020 Previously published Restated Change R’000 R’000 R’000 ASSETS Non-current assets Property, plant and equipment 34 663 27 063 (7 600) EQUITY AND LIABILITIES Equity Accumulated loss (105 936) (113 536) (7 600) Having been identified prior to the publication of results in respect of the year ended 31 August 2020, these errors were corrected in the audited results announcement and audited financial statements. Shareholders are reminded that FFP has been recognised under discontinuing operations at year end and will also be recorded as such when the interim results are published for the six months ended 28 February 2021. Accordingly, the restated information will not be strictly comparable to the information presented above. JOHANNESBURG 11 March 2021 Sponsor Acaciacap Advisors Proprietary Limited Date: 11-03-2021 09:00:00 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.