Update on the acquisition of the Socrati Group and suspension of its shares BUKA INVESTMENTS LIMITED (Previously known as Imbalie Beauty Limited) (Incorporated in the Republic of South Africa) (Registration number 2003/025374/06) JSE code: ILE ISIN: ZAE000165239 ("Buka" or "the Company") Update on the acquisition of the Socrati Group and suspension of its shares Shareholders are referred to the announcement dated 15 July 2022 regarding the acquisition by the Company of Caralli Leather Works (Pty) Ltd and Socrati Footwear (Pty) Ltd (collectively "the Socrati Group") from B&B Media (Pty) Ltd ("B&B Media") and Moltera Group (Pty) Ltd ("the Transaction"). B&B Media, a material shareholder in Buka, is in the final stages of discussions to acquire a well established South African shoe manufacturer ("Shoe Manufacturing Business"). B&B Media plans to merge the Shoe Manufacturing Business into the Socrati Group and has requested Buka not to proceed with the Transaction until such time as the Shoe Manufacturing Business has been merged into the Socrati Group “larger Socrati Group”). Consequently, the board of directors of Buka have considered the request and have agreed not to proceed with the Transaction at this time. As a result of the above, Buka has not complied to comply with section 3.26 of the JSE Listings Requirements which requires a cash shell, within six months after classification as such, to enter into an agreement and make an announcement relating to the acquisition of viable assets that satisfy the conditions for listing in terms of the JSE Listing Requirements. Consequently, the JSE will suspend Buka’s listing with effect from 24 February 2023. Buka is committed to adhering to the JSE Listings Requirements during its suspension. Buka will actively pursue acquisition opportunities that fits its strategy while it waits to complete the acquisition of the larger Socrati Group. 24 February 2023 Parktown Designated Advisor Exchange Sponsors Date: 24-02-2023 07:40:00 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.