IPL Repurchase of Shares on the Open Market Imperial Logistics Limited Incorporated in the Republic of South Africa (Registration number: 1946/021048/06) ISIN: ZAE000067211 Share code: IPL (Imperial) REPURCHASE OF SHARES ON THE OPEN MARKET 1. INTRODUCTION In terms of paragraph 5.79 and 11.27 of the Listings Requirements of the JSE Limited (JSE), shareholders are advised that Imperial has cumulatively purchased 2 550 000 of its own ordinary shares in terms of the general authority granted by shareholders at the companys annual general meeting held on 30 October 2019 of 10 062 146 shares (the General Repurchase), which constitutes 1.27% of the companys issued share capital at the beginning of the General Repurchase. The General Repurchase was effected through the order book operated by the JSE trading system in a series of unrelated trades without any prior understanding or arrangement between Imperial and the counter parties. No shares were repurchased during any prohibited period. 2. DETAILS OF THE REPURCHASE Dates of repurchase of securities From 18 September 2020 to 23 September 2020 Highest price paid per share R 36.37 Lowest price paid per share R 35.22 Average effective price paid per R 35.86 share Number of shares repurchased 2 550 000 Value of shares repurchased R 91 446 074.66 Number and percentage of shares 7 506360 being 3.73% of the which may still be repurchased by Companys issued share capital at the Company in terms of its the beginning of the share general authority repurchase Total shares in issue after the 202 074 388* share repurchase *After the repurchase 11 142 791 shares are held in treasury. 3. STATEMENT BY THE DIRECTORS The directors of Imperial confirm that, after considering the effect of the General Repurchase, for a period of 12 months after the date of this announcement: Imperial and its subsidiaries (the group) will be able in the ordinary course of business to pay its debts; the assets of Imperial will be in excess of its liabilities; the share capital and reserves of Imperial will be adequate for ordinary business purposes; and the working capital of the Imperial group will be adequate for ordinary business purposes. 4. SOURCE OF FUNDS The General Repurchase was funded from the companys available cash resources and debt facilities. 5. IMPACT OF THE GENERAL REPURCHASE ON THE FINANCIAL INFORMATION OF THE COMPANY The impact of the General Repurchase on the financial statements of the group is as follows: The net effect has been a cash outflow of R 91 446 074.66 excluding costs. The corresponding reduction in shareholders equity will result in the interest payable on debt being increased in future. Company Secretary RA Venter 25 September 2020 BEDFORDVIEW Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 25-09-2020 05:10:00 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.