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FULFILMENT OF CONDITIONS PRECEDENT

Fulfilment of conditions precedent to the transaction between Tsogo Investment Holding Company (Proprietary) Limited (“TIH”), a 74.67% held subsidiary of HCI, and NAFCOC Investment Holding Company (Proprietary) Limited (“Nafhold”) pursuant to which the HCI group increases its interest in TIH.
Shareholders are referred to the announcement made on 14 December 2009 on the Stock Exchange News Service, that TIH had entered into an agreement with Nafhold pursuant to which the HCI Group would increase its interest in TIH to 99.56%. The main business of TIH is to hold a 51% interest in Tsogo Sun Group (Proprietary) Limited.

Shareholders are advised that all the conditions precedent to the above transaction have now been fulfilled and that the transaction has been implemented with effect from 15th October 2010.

Source: HCI