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TRADING STATEMENT

In terms of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different than that of the previous corresponding period.

As a result of the above, HCI shareholders are informed that it is expected that for the year ended 31 March 2007, HCI`s headline earnings per share will be between 395 cents and 435 cents, compared to 175 cents as reported for the prior year, and the basic earnings per share will be between 440 cents and 490 cents, compared to 193 cents as reported for the prior year.

The above information has not been reviewed or reported on by the Company`s auditors. The Company`s results are expected to be published on or about 24 May 2007.