Financial Assistance Notice Combined Motor Holdings Limited (Registration number 1965/000270/06) (Share code: CMH ISIN: ZAE000088050) ("CMH" or "the company") NOTICE TO SHAREHOLDERS IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT (the “Act”) 1. At the Annual General Meeting of Combined Motor Holdings Limited (the “Company”) held on 31 May 2012, shareholders authorised the Directors, by way of special resolution, to bind the Company in the provision of direct or indirect financial assistance to a related company. 2. The Board confirms that on 9 October 2012 it passed a resolution in terms of which the Company is to provide financial assistance as contemplated in section 45 of the Act, by way of a guarantee in favour of Nedbank Limited for the obligations of CMH Car Hire Proprietary Limited (“CMH Car Hire”) to Nedbank Limited. The guarantee is limited to R100 million plus interests and costs. 3. Before passing the abovementioned resolution, the Board was satisfied that: 3.1 the Company satisfied the “Solvency and Liquidity Test” as contemplated in section 4 of the Act; and 3.2 the terms under which the financial assistance is to be given are fair and reasonable to the Company. 4. The Board believes that CMH Car Hire has adequate resources to meet its obligations, and the guarantee will not be invoked. 5. The Board would like to emphasise that the granting of financial assistance by and to companies within the CMH Group is a standard practice that has been consistently applied over many years. By order of the Board Kerrianne Fonseca CA(SA) Company Secretary Durban 16 October Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 16/10/2012 02:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.