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ANNOUNCEMENT OF THE CLOSING DATE OF THE OFFER, AND THE INVOCATION OF SECTION

Introduction
HCI and Johnnic shareholders are referred to the circular posted to Johnnic shareholders on Monday 21 July 2008 (the “circular”) which contains details of the offer by HCI`s wholly owned subsidiary, Mercanto Investments (Proprietary) Limited (the “offeror”), to all Johnnic shareholders to acquire all of their Johnnic ordinary shares (“Johnnic shares”) that HCI and its subsidiaries (“the HCI Group”) do not already own (the “offer”).

Acceptances of the offer and invocation of section 440K

At the date of this announcement, Johnnic shareholders that held 51 418 051 Johnnic shares validly accepted the offer. This represents 93.7% of the total Johnnic ordinary shares in issue, other than the shares the HCI Group do not already own.
Accordingly, the offeror will exercise its entitlement to compulsorily acquire the remaining Johnnic shares the HCI Group does not own or has not acquired in terms of the offer (“the remaining Johnnic shares”) in terms of section 440K of the Companies Act, No. 61 of 1973, as amended (“the Companies Act”). The Companies Act allows the offeror to compulsorily acquire the remaining Johnnic shares once it has received acceptances by the holders of not less than nine-tenths of the Johnnic shares other than those already held by the HCI Group in
terms of the offer.
Johnnic shareholders are referred to paragraphs 14 and 15 of the circular wherein it was stated that, should the offeror become entitled to and elect to invoke section 440K of the Companies Act, Johnnic shareholders who do not accept the offer prior to the closing date as set out in paragraph 3 below, would only be entitled to receive the cash consideration of R16.75 per Johnnic share.
A circular incorporating a notice in terms of section 440K(1) of the Companies Act is expected to be posted to Johnnic shareholders in due course.

Closing date of the offer
HCI therefore wishes to give notice to Johnnic shareholders that its offer will close at 12:00 on Friday, 15 August 2008.
The salient dates relating to the closing of the offer are set out in the table
below:
2008
Offer consideration settlement date in Monday, 28 July 2008
respect of firm acceptances of the
offer received before 12:00 on Friday,
25 July 2008

Offer consideration settlement date in Monday, 4 August 2008
respect of firm acceptances of the
offer received before 12:00 on Friday,
1 August 2008
Last day to trade in order for Johnnic Friday, 8 August
shareholders to participate in the
offer

Johnnic shares trade ex the right to Monday, 11 August
participate in the offer

Offer consideration settlement date in Monday, 11 August
respect of firm acceptances of the 2008
offer received before 12:00 on Friday,
8 August 2008

Record date on which Johnnic Friday, 15 August
shareholders must be recorded in the 2008
register in order to participate in the
offer

Closing date of the offer at 12:00 Friday, 15 August
2008

Offer consideration settlement date in Monday, 18 August
respect of firm acceptances of the 2008
offer received before 12:00 on Friday,
15 August 2008