Shareholders are referred to the announcements published by HCI on the Stock Exchange News Service of the JSE Limited on, inter alia, 18 February 2010, 26 April 2010, and most recently 20 January 2011 regarding the proposed merger of the gaming and hotel businesses of Tsogo Sun Holdings (Proprietary) Limited, a 51% held subsidiary of HCI, and Gold Reef Resorts Limited.

Shareholders are advised that unconditional approval has been received from the Competition Tribunal in respect of the proposed merger.

Further announcements will be made to shareholders as appropriate.

Source: HCI