Circular posting date amendment Rolfes Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2000/002715/06) Share Code: RLF ISIN: ZAE000159836 (“Rolfes” or “the Company”) Packaging Solutions Africa (Incorporated in the Republic of Mauritius) (Registration number 134938 C2/GBL) (A wholly owned special purpose vehicle of Phatisa Food Fund 2 LLC, which is managed by Phatisa) (“Offeror”) CIRCULAR POSTING DATE AMENDMENT Rolfes Shareholders are referred to the firm intention announcement released on SENS on 31 October 2019 wherein Rolfes Shareholders were advised that the Scheme Circular containing the details of the Offer and the Delisting and incorporating a notice of the Rolfes General Meeting and form of proxy, is expected to be posted on 18 November 2019. Due to a delay in receiving the requisite regulatory approval for the finalising of the Scheme Circular, the Scheme Circular is expected to be posted after 18 November 2019. The Company and the Offeror sought confirmation and received approval from the Takeover Regulation Panel that the Scheme Circular may be posted by no later than 6 December 2019. Johannesburg 18 November 2019 Corporate Finance Advisor to Rolfes Apex Partners Holdings Proprietary Limited Legal Adviser to the Offeror Webber Wentzel Rolfes Transaction Sponsor Grindrod Bank Limited Independent Expert to the Independent Board BDO Corporate Finance Proprietary Limited Date: 18/11/2019 12:30:00 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.