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FULFILMENT OF CONDITIONS PRECEDENT AND SALIENT DATES ANNOUNCEMENT

1 Introduction
Shareholders are referred to the firm intention and withdrawal of cautionary announcement (“firm intention announcement”) released by HCI and Johnnic on the Securities Exchange News Service (“SENS”) of the JSE Limited on Tuesday, 8 July 2008 and published in the press on Wednesday, 9 July 2008, wherein shareholders were informed of HCI, through its wholly-owned subsidiary, Mercanto Investments (Proprietary) Limited, having expressed a firm intention to the board of directors of Johnnic to make an offer to acquire all the shares in the issued share capital of Johnnic, other than the shares already owned by the HCI group (the “offer shares”), in accordance with and as contemplated by the Securities Regulation Code on Take-overs and Mergers and the Rules of the Securities Regulation Panel (“SRP Code”) (the “offer”).

2 Conditions precedent
The conditions precedent to the offer, referred to in paragraph 5 of the firm intention announcement, have now been fulfilled and the offer will therefore be unconditional on the opening date as set out in paragraph 3 below.

3 Salient dates
The salient dates of the offer are set out in the table below:
2008
Circular posted to Johnnic shareholders Monday, 21 July
on
Opening date of the offer at 09:00 on Monday, 21 July
First offer consideration settlement
date in respect of firm
acceptances of the offer before 12:00 Monday, 21 July
on Monday, 21 July
Offer consideration settlement dates in Offer consideration
respect of firm acceptances of the settlement dates,
offer received before 12:00 on the being every seventh
business day preceding the relevant calendar day after
settlement date Monday, 21 July (or
if not a business
day, the next
business day) until
seven calendar days
after the closing
date (or if not a
business day, the
next business day)
Last day to trade in order for Johnnic Five business days
shareholders to participate prior to the
in the offer closing date
Johnnic shares trade ex the right to Four business days
participate in the offer prior to the
closing date
Record date on which Johnnic
shareholders must be recorded
in the register in order to participate The closing date
in the offer
Closing date of the offer at 12:00 The closing date as
will be
announced on SENS and
published in the
press
The above dates and times are subject to amendment, subject to the prior written approval from the SRP, at the discretion of HCI and/or Johnnic. Any such amendment will be released on SENS and published in the South African press.
17 July 2008