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POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING

1. INTRODUCTION

Shareholders of HCI (“HCI Shareholders”) are referred to the announcement released by HCI on SENS on Thursday, 28 April 2016 (“Announcement”) in relation to:

  • the agreements concluded by HCI with entities related and/or associated to certain directors of HCI and its subsidiary  companies, and the Southern African Clothing and Textile Workers’ Union in terms of which HCI (and, in relation to  the shares held by SACTWU, HCI’s wholly-owned Subsidiary, Squirewood Investments 64 Proprietary Limited) will  acquire in aggregate up to 16 140 000 HCI ordinary shares (“HCI Shares”) (approximately 15.4% of the issued share  capital of HCI), subject to the terms and conditions set out in the Announcement, at a price of R105.00 per HCI Share  (the “Repurchase Transactions”).

2. POSTING OF THE CIRCULAR NOTICE OF HCI SHAREHOLDERS MEETING

HCI Shareholders are hereby advised that a circular (“Circular”) containing, inter alia, details of the Repurchase Transactions, a notice of general meeting of the HCI Shareholders (“General Meeting”) and a form of proxy, has been posted to HCI Shareholders today. HCI Shareholders are advised that the Repurchase Transactions are subject to the ulfilment of certain conditions precedent detailed in the Circular, and are advised to review the Circular for a summary of the key terms and conditions of the Repurchase Transactions.

The General Meeting will be held at the offices of HCI, 4 Stirling Street, Zonnebloem, 7925, Cape Town, on Thursday, 21  July 2016 at 10:00, to consider and, if deemed fit, pass, with or without modification, the special and ordinary resolutions  necessary to implement the Repurchase Transactions.

3. IMPORTANT DATES AND TIMES

The important dates and times in relation to the General Meeting are set out below:

Notice record date, being the date on which an HCI Shareholder must be registered in the register in order to be eligible to receive the notice of  General Meeting, on Friday, 17 June

Circular posted to HCI Shareholders and notice convening the General  Meeting released on SENS, on Wednesday, 22 June

Last day to trade HCI Shares in order to be recorded in the register to vote  at the General Meeting (see note 2 below) on Tuesday, 12 July

General Meeting record date, being the date on which an HCI Shareholder must be registered in the register in order to be eligible to attend and  participate in the General Meeting and to vote thereat, by close of trade on Friday, 15 July

Forms of proxy in respect of the General Meeting to be lodged, for  administrative purposes, by 10:00, on Tuesday, 19 July  (or may thereafter be lodged by hand prior to 10:00 on Thursday, 21 July
2016)

General Meeting held at 10:00 on Thursday, 21 July

Results of the General Meeting published on SENS on Thursday, 21 July

Notes:

  1. The above dates and times are subject to amendment at the discretion of HCI. Any such amendment will be released  on SENS and published in the South African press.
  2. HCI Shareholders should note that as transactions in HCI Shares are settled in the electronic settlement system used  by Strate, settlement of trades takes place three Business Days after such trade (from 11 July 2016). Therefore, HCI  Shareholders who acquire HCI Shares after close of trade on Tuesday, 12 July 2016 will not be eligible to attend at,  participate in and to vote at the General Meeting.
  3. All dates and times indicated above are South African Standard Times.
  4. If  the General Meeting is adjourned or postponed, forms of proxy submitted for the initial General Meeting will remain  valid in respect of any adjournment or postponement of the General Meeting.

Cape Town
22 June 2016