Joint Announcement - Posting of Mandatory Offer Circular and Salient Dates and Times Nutritional Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2004/002282/06) Share code: NUT ISIN Number: ZAE000156485 (“NUT” or “the Company”) Baphalane Ba Mantserre Investment Holdings Proprietary Limited (Registration number 2013/068211/07) (“BMIH” or the “the Subscriber’’) JOINT ANNOUNCEMENT - POSTING OF MANDATORY OFFER CIRCULAR AND SALIENT DATES AND TIMES Shareholders are referred to the joint firm intention announcement published on SENS on 12 September 2018, wherein shareholders were advised that BMIH would make a mandatory offer to all shareholders of NUT, save for BMIH ("Mandatory Offer"). Shareholders are hereby advised that the joint mandatory offer circular will be posted to NUT shareholders today, 23 October 2018 ("Mandatory Offer Circular"). Accordingly the salient dated and times of the Mandatory Offer are as set out in the table below. The definitions commencing on page 10 of the Mandatory Offer Circular apply to these salient dates and times. 2018 Record date in order to be eligible to receive this Friday, 12 October Circular on Circular posted to Nutritional Shareholders and Tuesday, 23 October announced on SENS on Mandatory Offer opens at 09:00 on Wednesday, 24 October Last day to trade in order to be eligible to participate Tuesday, 4 December in the Mandatory Offer on NUT Shares trade “ex” the right to participate in the Wednesday, 5 December Mandatory Offer Mandatory Offer closes at 12:00 on (Closing Date) on Friday, 7 December Mandatory Offer Record date, being the final date Friday, 7 December upon which NUT Shareholders must be recorded in the NUT Register in order to be eligible to participate in the Mandatory Offer, on Mandatory Offer Consideration credited to the within six Business Days of valid Dematerialised Mandatory Offer Participant’s account acceptance of the Mandatory at his CSDP or Broker (as the case may be) or bank Offer with the last payment date accounts of Certificated Mandatory Offer Participants being Monday, 10 December credited or Mandatory Offer Consideration posted by cheque to Certificated Mandatory Offer Participants at the Certificated Mandatory Offer Participant’s own risk Results of Mandatory Offer to be published on SENS Monday, 10 December on Notes: 1. All dates and times are subject to amendment by BMIH. Any such change will be announced on SENS. 2. Certificated NUT Shareholders who wish to participate in the Mandatory Offer are required to complete and return the form of acceptance, surrender and transfer (blue) in accordance with the instructions contained in the circular to be received by the Transfer Secretaries by not later than 12:00 on the Closing Date. 3. Dematerialised NUT Shareholders must notify their CSDP or Broker of their acceptance of the Mandatory Offer in the manner and time stipulated in the Custody Agreements governing the relationships between such Dematerialised NUT Shareholders and the CSDP or Broker. 4. All times indicated above are South African times. 5. The deemed effective date of disposal of NUT Shares by Mandatory Offer Participants will be the date that the Mandatory Offer Consideration is credited to the Mandatory Offer Participant’s account or the date that the cheque in payment of the Mandatory Offer Consideration is posted to the Certificated Mandatory Offer Participants, as the case may be. 6. Even though the salient dates and times are subject to change, this should not be regarded as a consent or dispensation for any time periods which may be required in terms of the Companies Act Regulations, where applicable, and any such consents or dispensations must be specifically applied for, and granted by the TRP. 7. Share certificates may not be dematerialised or rematerialised between Wednesday, 4 December 2018 and Friday, 7 December 2018, both dates inclusive. Durban 23 October 2018 Corporate Advisor to NUT and BMIH and Designated Advisor to NUT PSG Capital Date: 23/10/2018 12:50:00 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.