Further update CHOPPIES ENTERPRISES LIMITED Incorporated in the Republic of Botswana under Company Number 2004/1681 (“the Company” or “the group”) BSE Share Code: CHOPPIES JSE Share Code: CHP ISIN Number: BW0000001072 FURTHER UPDATE Further to the announcement which was published on XNews and on SENS on 27 September 2019, the Board of the Company advises that: - 1. Substantial agreement on the way forward has been reached with Lenders. 2. After extensive engagement with the auditors (PWC) and management, the outstanding 2018 financial statements are expected to be finalised by 6 December 2019. 3. All bids from interested parties to purchase the South African Operations are expected to be received by 28 October 2019, whereafter these will be assessed and that sale concluded as expeditiously as possible. 4. The Board has appointed independent Counsel to conduct a holistic review of all reports, rebuttals, facts and available evidence: - 4.1. Advocate Mark Meyerowitz and Advocate Andrew Redding SC have been appointed to advise on the labour and employment aspects and the acts or omission of any employee including the charges brought against Mr Ottapathu, and 4.2. Advocate Mark Meyerowitz and Advocate Guy Hoffman SC have been appointed to advise on the aspects of corporate governance, directors’ duties and the collective responsibility of the board, and members thereof, up to 3 September 2019. These Counsel have commenced their review. Their report is expected at the end of November 2019. The Company will continue to keep shareholders informed. The Company's primary listing is on the BSEL and its secondary listing is on the JSE. The listings on both exchanges are suspended. By order of the Board 16 October 2019 BSEL Sponsoring Broker African Alliance Botswana Limited JSE Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 16/10/2019 10:00:00 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.