Further update on the transaction between a subsidiary of HCI and certain shareholders of Gold Reef Resorts Limited (“Gold Reef”) pursuant to which the HCI group will increase its indirect interest in Gold Reef (“transaction”)


Shareholders of HCI are referred to the announcement published by HCI on the Securities Exchange News Service of the JSE Limited and in the press on 9 October 2008 where it was announced that Mainstreet 581 (Proprietary) Limited (“Mainstreet”), an indirect wholly-owned subsidiary of Tsogo Sun Holdings (Pty) Ltd (“TSH”), had entered into an agreement with certain shareholders of Gold Reef pursuant to which TSH`s interest in Gold Reef will be increased from approximately 4,86% to 19.87% of the issued share capital of Gold Reef (“transaction”). As a result of the transaction, HCI`s indirect interest in Gold Reef (via TSH) will increase to 7.55%.

Implementation and effective date of the transaction
Shareholders were previously advised that the effective date of the transaction will be on registration of transfer of the share certificates into the name of Mainstreet and that Gold Reef has sought to prevent this.

Shareholders are now advised that Gold Reef has consented to the transfer of the shares into the name of Mainstreet. Accordingly the transaction has now been implemented with the shares being registered in Mainstreet`s name today and 75% of the purchase consideration being paid.